CINCINNATI (AP) — Economic forecasters expect Ohio shoppers to increase holiday spending by 3.2 percent over last year, as consumer confidence continues to soar.
With the state also seeing growth in jobs, wages, housing prices and other key indicators, forecasters project retail spending to climb to nearly $24.9 billion.
The annual forecast ahead of Black Friday and the December holiday season that includes January comes from the University of Cincinnati Economics Center. It’s in conjunction with the Ohio Council of Retail Merchants.
The forecast utilizes sales data, employment and wage figures, and a variety of other economic indicators.
The Washington-based National Retail Federation trade group says a nationwide survey found that consumers say they will spend an average of $1,007 during the holiday season, up 4.1 percent from last year’s survey.