Study: Holiday 2024 spending in North Carolina expected to rise

Holiday 2024 spending is expected to tick up this year according to a report from the North Carolina Retail Merchants Association (NCRMA). 

The 1st annual study conducted alongside the Appalachian State University Center for Economic Research and Policy Analysis expects 2024 total sales of $42.24 billion, up from $42.08 billion over the 2023 holiday season. 

The forecast covers November and December 2024. It predicts a slight 1.6% decrease in November 2024 compared to November 2023, followed by a 2.2% increase in December 2024 over the same month in 2023. Historically, retail sales tend to peak in December. 

Andy Ellen the President & General Counsel of NCRMA said they are very excited for this first annual report.  

“We felt it was imperative for us to have the data so we could look at it and then baseline it going forward through the years to see how retail is doing in North Carolina, especially around the holiday season,” Ellen told the Carolina Journal. “We’re, again, very excited about the first one and looking forward to many, many more of these.” 

Despite the statewide increase in sales, there are still uncertainties about the economic impacts of Hurricane Helene in western North Carolina, according to Ellen. 

“There is just so much unknown in the western part of the state,” Ellen told the Carolina Journal. “There are parts of the state out there that are recovering and coming back faster than others. There are other parts of it around the Blue Ridge Parkway, or you think about a Chimney Rock or a Lake Lure area that are just completely devastated. But you know, you’re seeing some increased activity.”

The Grove Park Inn reopened earlier this month and the famed Biltmore Estate’s Christmas activities are on track having opened November 2 after a month of closure for cleanup.

“The Grove Park is back open, those shops from Biltmore Village right beside of the Biltmore are completely destroyed,” Ellen added. “So that’s going to play a big factor into not only the sales, but the employees who would be getting a paycheck, who would be turning around and spending that in the economy. We’re hoping, that consumers will go out and support those businesses in the western part of the state where they’re able to take tourists or they’re able to take visitors and support those businesses that really need it.” 

Inflation and rising prices remain a significant concern for North Carolinians. In the November Carolina Journal Poll, 36.6% of respondents identified it as their top issue for the 2024 general election. Ellen emphasizes that inflation impacts more than just the final price consumers pay. 

“There are other factors, not just the price of the good, but also the price of labor, the price of transportation, the price of energy, those things that all get factored into why something on the shelf may be more expensive this year than it was last year or this month rather than last month,” noted Ellen. 

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