LIMA, OH (WLIO) - The University of Cincinnati Economic Center is predicting Ohio retailers could see a slight increase in sales this holiday season.
The center is predicting a 0.7% increase in spending statewide this year over 2022 and the Lima market is expected to be higher than the average at 3%. But sales in Cincinnati, Cleveland, and Columbus will make up more than half of retail spending in the state this holiday season. Even though the increased sales prediction is less than 1% this year, which is down from years past, the Ohio Council of Retail Merchants sees some positives in the numbers.
"Our year over year growth is pretty substantial the last three to four years. So, the fact that we are still growing at 0.7% does show that the retail economy still is strong and consumers are still spending," says Gordon Gough, Pres. and CEO of the Ohio Council of Retail Merchants. "We just had several years of high growth."
With inflation still high, shoppers could be spending more on their holiday purchases.
"I think overall, consumers will be spending more this year. I do think Ohio consumers are facing some headwinds with high inflation, high interest rates right now," says Brad Evans, Economic Center University of Cincinnati. "Also, we have seen housing prices continue to rise and that certainly is, you know, as people in Ohio are dedicated more of their income toward their housing costs, that has certainly taken away from their ability to make some additional purchases."
The University of Cincinnati has been forecasting holiday retail sales since 2010.
