Economists Say Ohioans Will Spend More On Holidays
The latest forecasts on holiday spending say an improving economy will push Ohioans to spend more.
The study backed by the Ohio Council of Retail Merchants and performed by economists at the University of Cincinnati says Ohioans are feeling better about the economy, so they’ll likely spend more.
University of Cincinnati economist Michael Jones says the average Ohioans will spend about $750 on holiday shopping. He says dips in the average consumer debt burden are also pushing Ohioans to spend more.
But he says spending could be hurt by rising gas prices and if Congress can’t reach a compromise on planned spending cuts.
“Particularly as we come closer to the holiday season, if this hasn’t been resolved in Congress, then we might see some anxiety among consumers.”
Jones says spending should increase about four percent statewide, while Columbus will see increases closer to seven percent.