A new report from the University of Cincinnati estimates Ohioans will be spending 4.2% more this holiday season than last.
U.C. economist Michael Jones says there are several reasons why the shopping season forecast is expected to be $600 million more than last year.
“We will continue to see increase employment levels across the state of Ohio relative to last year. So that’s one of the main reasons we are seeing stronger retail sales for this year. The other thing we are seeing is an increased level of consumer confidence and lower gas prices. To the extent that consumers feel better about the way the economy is going, that’s going to drive the Ohio forecast.”
This forecast suggests Ohio’s holiday spending growth will exceed the National Retail Federation’s projected increase of 3.7%.