The Ohio Council of Retail Merchants and UC's Economic Center are out with the latest state-wide holiday retail spending report and it's not as rosy as last year. Data suggests a 1.54 percent increase in spending in November and December.
Dr. Jennifer Shand, Senior Research Associate at the University of Cincinnati Economics Center, says the slight decline in this year's growth rate is partly because of increasing Internet purchases and people buying more "experience and entertainment gifts," rather than tangible goods.
Shand projects retail spending will increase in Cincinnati by 3 percent and Dayton by 1.7 percent. She says, "We see growth in both regions. A little bit stronger in Cincinnati than in Dayton. However, both are expected to see growth in retail spending so the economy is still performing well."
For the forecast UC looked at:
- Inflation
- Employment
- Wages
- National retail spending
- Consumer confidence
- Debt
The 1.54 percent increase in the 2016 holiday retail sales equates to $500 million.
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