By Deba Uwadiae
| The Ohio Council of Retail Merchants’ holiday sales forecast from the University of Cincinnati Economics Center projects an increase in Ohio 2024 holiday sales of 1.1 percent with total sales of $30.4 billion. “This twelfth consecutive positive forecast reflects Ohioans’ growing confidence in the economy,” said Gordon Gough, President and CEO of the Ohio Council of Retail Merchants. “As memories of COVID fade, more Ohioans adjust to and benefit from a steady economic recovery. “We’re also pleased that the forecast projects all nine metro areas analyzed in Ohio to enjoy an increase in holiday relevant retail sales over 2023,” Gough continued. “Ohio’s three largest metro areas, Cleveland, Columbus and Cincinnati, will again account for more than half (55.6 percent) of Ohio’s sales, as detailed in the chart below.” Brad Evans, Executive Director of the University of Cincinnati Economics Center, added, “Factors that impact consumer spending such as inflation, employment and wages are trending in a positive direction in Ohio.” Specifically, the study notes how Ohio’s economy has improved with2023 employment 6.8 percent higher than 2020’s pre-pandemic level, wages and salaries that increased by approximately 20.0 percent between 2020 and 2023 and inflation slowing in the Midwest to 2.5 percent between September 2023 and September 2024, following consecutive increases of 5.7 percent (Sept. 2020-Sept. 2021), 8.1 percent (Sept. 2021-Sept. 2022) and 3.2 percent (Sept. 2022-Sept. 2023). Founded in 1922, the Ohio Council of Retail Merchants is Ohio’s oldest and largest advocate for the retail and wholesale industry, representing more than 7,500 establishments across Ohio. Ohio’s retail and wholesale companies account for 18 percent of Ohio’s total GDP and 1.5 million jobs, 1 in 4 of all Ohio jobs, more than any other industry. |
 |
| Support the New Americans magazine to continue to serve our community with precise news that affect the new American, immigrant and refugee community. https://paypal.com/donate/?hosted_button_id=8LHFS78NRNJJY&source=url |
