Central Ohio retail spending expected to remain flat
Holiday retail spending in central Ohio is expected to remain at the same level as last year, according to the annual forecast from the University of Cincinnati Economics Center.
The forecast for the entire state for Black Friday and the December sales season is a modest 2 percent increase compared to last year. That works out to an increase in spending of $481 million for an overall total of $24.1 billion this year.
The study’s author notes that the predicted increase would put Ohio’s holiday sales at 9.5 percent more than in 2015.
The state’s three largest metropolitan areas — Columbus, Cleveland and Cincinnati — will again account for more than half of sales, but their totals will vary considerably.
Retail spending in the Columbus area is expected to remain at $4.65 million; sales in Cleveland are expected to increase to $4.43 million from $4.29 million a year ago. Sales in Cincinnati are expected to increase to $3.86 million from $3.8 million a year ago.
The biggest spending hikes are predicted to occur in the Cleveland, Dayton and Toledo regions. Sales in Dayton are forecast to increase to $1.7 million from $1.66 million a year ago, and Toledo spending should increase to $1.3 million from $1.26 million.
The annual forecast from the University of Cincinnati Economics Center uses sales data, employment, consumer confidence and a variety of other economic indicators to project holiday spending. The forecast says that overall Ohio’s wages continue to grow and consumer confidence is still strong.