Omaha-area holiday shopping outlook from Creighton economics professor
OMAHA, Neb. (WOWT) - 6 is On Your Side preparing you for your holiday shopping. 6 News spoke with Creighton University economics professor Ernie Goss about 2023′s holiday shopping trends.
Goss said this year people are spending their money slower, meaning a late start to the shopping season. However, he does expect it to pick up. He predicts holiday buying will increase by 3.5-4% over last year, but with inflation, the growth rate is slower -- meaning, he said, unit sales will flatten out.
Additionally, Goss said considering inflation, he’s predicting more people will be purchasing overseas because their money will go a little farther. However, he does hope people will keep their money local if they can.
He also said debt is going to play a major role in holiday consumerism.
“The growth we’ve seen over the past few years, this growth is not going to be as strong, simply because the debt is so much more. Household debt, student debt, individual debt, and government debt. There’s too much of it right now, so someone’s got to repay some of that,” said Goss.
Because of that debt, Goss suggested avoiding credit as much as possible. With interest rates still high, he says don’t charge it unless you’re sure you can pay it off.
Goss warns longer lines at the checkout are expected due to the ongoing shortage of workers.
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