COLUMBUS – With Columbus and Cincinnati leading the way, Ohio shoppers are expected to spend 4.2 percent more during the holidays this year than in 2014, outpacing the national growth rate.
A report done by the University of Cincinnati Economics Center projects $15.8 billion in retail spending in Ohio in November and December, $600 billion more in than last year.
This forecast is slightly higher than the National Retail Federation’s national forecast of 3.7 percent, which is above the 10-year average in holiday sales growth of 2.5 percent. The federation predicts holiday spending by Americans this year will total $630.5 billion.
Cincinnati and Columbus will be the areas of Ohio that the Cincinnati report says will see the largest growth from last year. The part of the Cincinnati metropolitan area that is in Ohio will spend 5.6 percent more. Shoppers in central Ohio will spend 4.6 percent more, compared to Cleveland’s 2.3 percent, lowest among the state’s largest cities.
The forecast is done in conjunction with the Ohio Council of Retail Merchants and uses sales data, consumer confidence and other factors in its model.