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The winter buying season is upon us, and it is no surprise that northeastern and midwestern markets are once again dominating the scene. According to the National Retail Federation, holiday retail sales are expected to increase by 3.6 to 4.0 percent this year, with Americans set to spend an estimated $720.89 billion in November and December.
Northeastern states, such as New York and Pennsylvania, are the largest contributors to this growth. These states make up a large portion of the holiday spending figure, thanks to their dense populations. This is especially true of New York, which accounted for 8.75 percent of total holiday spending in 2019.
Midwestern states also make up a large portion of the holiday spending figure, with Michigan and Ohio contributing 8.1 percent and 6.8 percent, respectively. The strong real estate market and vibrant job market in these states are driving holiday spending due to increased disposable incomes.
Both northeastern and midwestern markets are expected to benefit from the shift away from brick-and-mortar retail and toward e-commerce, as these states have traditionally been slower to adopt new technological trends. E-commerce sales are expected to reach a record high of $189.6 billion this holiday season, and a large portion of those sales are expected to come from the northeastern and midwestern markets.
The winter buying season is a crucial time for retailers, and it is clear that northeastern and midwestern markets will lead the way in terms of holiday spending. With a steady increase in e-commerce adoption and strong real estate markets, these states are well-positioned to benefit from the booming holiday season.