A recent study shows Hoosiers aren’t spending as much for the holidays as they have in the past. The National Retail Federation reports that consumers nationwide spent more than $447-billion this holiday season. Of those numbers Indiana residents are projected to have on average spent about $980.
IRBC Economic Research Analyst Tanya Hall says that’s almost $200 less than the national average of $1,160.
“The recession really hit us hard here in Indiana we saw very high unemployment numbers, and I think consumers are tightening their belts and wallets,” said Hall. “Though the economy is slowly rebounding it’s going to be slow.”
Hall says retailers used psychological sale methods to encourage consumers to shop early this year. Credit card companies got more creative by offering extra incentives to shoppers who purchased items on their credit cards.
“We are moving toward rebounding out of the recession, but this year we are going to see the unemployment numbers come down a little, and that’s encouraging,” said Hall.