CINCINNATI — University of Cincinnati economists are predicting more holiday spending on retail in Ohio this year compared to last.
Despite this, the Cincinnati region will see the smallest increase of the state's nine metropolitan areas.
At 12th and Vine streets in Over-the-Rhine, beside shelves stacked with local, handmade gifts and art inside MiCa, the clock is ticking. Sales over the next two months will determine how well the store does next year.
"It is the most important time to a small business like ours," said Carolyn Deininger, co-owner of MiCa. "They're the biggest couple of months, the holiday season, of the whole year by far."
Two years after COVID-19 hurt holiday retail sales, the University of Cincinnati Economic Recovery Center predicts a 3.4% boost in holiday retail spending across the state. The same group predicted a 7.3% increase in 2021. Their 2022 forecast is below estimates from the National Retail Federation, which said holiday sales will rise 4% to 8% nationwide.
"That's so exciting," Deininger said. "That's such good news."
The Deininger's closed their first store in 2007 during a recession, Deininger said. She and her husband's team then weathered 15 years of change in their spot in Over-the-Rhine. They build budgets around holiday sales, which determine the quantity of art they can buy from local artists and how much the store can invest, Deininger said.
So, between inflation and rising interest rates, any positive economic forecast feels exciting.
"It's also a little never-wracking because you never know if people will come out or not," Deininger said.
Shopper Rebecca Riggan came from Chicago.
"This is one of the best boutique shops," she said. "They've been here for years. They're a staple in OTR. They deserve some recognition. Their products are great."
As Small Business Saturday nears, the Deininger's hope it brings enough buyers to wrap up their best sales season in years.
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