Michiganders Are Spending Big Time As Retail Sales Skyrocket in October

Are you spending a lot more money this year than last year? or even digging deeper in your wallet than in the previous years. Well, it definitely makes sense compared to last year at this time when we were in a full pandemic mode.

One thing for sure is even though we have a different set of problems this year it does feel good to put last year behind us as we get ready for a big shopping weekend in the Lansing area.

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Check this out, there is a new report from the Michigan Retailers Association (MRA) which tells us October retail sales were more than September, and up quite a bit according to wlns.com

Here Is What Sales Look Like In October In MI

Here is the deal, October’s retail index survey says there was nearly a 71% sales increase compared to September. They are also saying 75% of businesses predict sales will continue to increase until January. Great news.

The National Retail Federation (NRF) is sales will set off a record high and saying every person will spend nearly $1000 on holiday stuff this year.

It’s promising to see consumers spending their money locally, especially this early before the holidays. We look forward to the November and December reports, but the optimism among retailers is a tell-tale sign that retail sales have some holiday season momentum,” said William J. Hallan, President, and CEO of Michigan Retailers Association.

 

More Good news

And here is more good news, In October the national unemployment dropped nearly 4.6% compared to September’s 4.8%. This could be why many folks are able to spend more this year.