Forecast Predicts $500M Increase In Holiday Spending
Ohioans around the state are expected to swarm to their favorite stores in order to cross items off their holiday gift list. Economic forecasters expect to see a jump in spending, but not as big a hike as usual.
Ohio retailers could see as much as a $500 million increase in holiday spending compared to last year. But that 1.54% jump is smaller than the usual holiday shopping growth.
Jennifer Shand with the University of Cincinnati Economics Center says lately there’s been shift in where people put their money.
“Spending on non-retail purchases specifically on things like entertainment and experience versus goods and so these are considerations that also play into the forecast overall,” said Shand.
The areas expected to see the biggest increase in spending are Youngstown, Mansfield and Lima.