Photo: WBZ NewsRadio
BOSTON (WBZ NewsRadio) — Some Bay Staters are reconsidering their spending this holiday season, according to a new survey.
The Retailers Association of Massachusetts recently released its annual predictions for holiday shopping, and the numbers show that some residents are keeping their money in their wallets this year. The group expects a 1.7% bump in local spending this holiday — the smallest increase in 3 years. While the projections from the National Retail Federation show a 3.7 to 4.2% increase for businesses of all sizes, the RAM survey is based solely on small businesses in Massachusetts. RAM President Jon Hurst asked shoppers to keep local mom and pop businesses in mind during the holidays.
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“We know consumers today are cautious, and they are spending increased portions of their holiday spending budget online, but we ask them to commit to investing a good portion of their purchases right here in our communities,” Hurst said in a statement.
This time of year is considered a crucial moment for many small retailers in the state. Holiday shoppers normally represent up to 30% of the entire year’s sales for local companies. According to the RAM report, the rising cost-of-living, coupled with the increased operating costs for businesses, is raising concerns regarding the probability.
2024 holiday sales increased by 4% in Massachusetts. The retail sector in the state employs around 600,000 people, representing 17% of all jobs.
WBZ NewsRadio’s Matt Shearer (@MattWBZ) reports.