Last Christmas consumers were cutting back and hoarding cash, leaving retailers out cold.
But this holiday that stockpile of savings might just be a saving grace for retailers in America's largest mall, Maureen Bausch, Mall of America's executive vice president, told CNBC Thursday.
"We knew eventually they'd splurge, and I think they saved up all their money and they're spending it this Christmas, and I think it might just save us this holiday season," said Bausch. "They are buying thoughtfully, but they are buying."
Bausch said she expects to see sales up 2.5 percent from a year ago and has seen a 27 percent increase in traffic over the last few weeks.