Nov 29, 2022 - Business

Ohio's holiday spending expected to increase

Illustration of a bar chart made of presents.

Illustration: Shoshana Gordon/Axios

Statewide spending this holiday season is expected to increase for the 10th straight year despite buyers' concerns about inflation, the economy and higher housing costs.

Driving the news: Retail sales from October-December should reach $31.3 billion, per the Ohio Council of Retail Merchants' yearly forecast — a 3.4% increase over 2021.

Why it matters: The holiday spending boost keeps many local businesses afloat through the lean winter months and creates job opportunities through seasonal hiring.

Yes, but: Our purchasing power is still feeling the pinch. This year's increase in Ohio is at a slower pace than the past two years' growth (13.2% from 2019-20, 6.4% between 2021-22).

Zoom in: Growth rates in nine Ohio metro regions are forecasted to vary greatly, per the report.

  • But when it comes to projected sales, the state's three largest metro areas account for 54% of revenue — Columbus (20.6%), Cleveland (17.9%), and Cincinnati (15.5%).
Data: University of Cincinnati Economics Center analysis; Chart: Axios Visuals

Zoom out: Nationwide, holiday spending is expected to increase 6-8%, with about 28% spent online, according to the National Retail Federation.

The big picture: Black Friday has traditionally marked the holiday shopping season's start. But retailers have started rolling out online deals in the weeks leading up to the big day since the pandemic, Axios' Kelly Tyko and Hope King report.

The latest: A record $9.1 billion was spent online for Black Friday nationwide, with electronics driving much of the growth compared to last year, Axios' Herb Scribner reports.

📬 We're looking for the best holiday gifts Central Ohio has to offer — and no, you can't pick the Buckeyes appearing in the College Football Playoff.

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