Virginians to spend more during holidays, new Roanoke College survey says

Published: Nov. 28, 2022 at 7:04 PM EST
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SALEM, Va. (WDBJ) - Despite higher prices, or perhaps because of them, Virginians say they plan to spend more this holiday season.

Every year, the Institute for Policy and Opinion Research at Roanoke College releases a holiday spending report.

In the latest results, 65% of the people who took part in the survey said higher prices won’t stop them from spending more this year.

And with many saying they will do less of their shopping online, the survey could hold good news for small businesses.

Dr. Alice Kassens is the John S. Shannon Professor of Economics at Roanoke College, and Senior Analyst at IPOR.

“In 2021, people said on average they were going to do 80% of their spending online… This year that’s down to 50 percent,” Kassens told WDBJ7. “So people in Virginia say they plan to do half of their spending online, and the other half in actual stores, so I think that’s a very good sign, especially for small businesses without a large online presence, that things are going to be better than they were last year.”

Inflation is still running at 7.5% on an annual basis, and the report said higher prices are part of the reason people expect to spend more.

But there are other factors as well, Kassens said, including higher wages and the return to a more normal holiday season.