For proof that our politics and our economy are two sides of the same coin, look no further than this holiday shopping season.
Affordability issues dominated this past election cycle as voters made clear at the ballot box that the cost of living was a top concern. Unsurprisingly, those same voters are feeling cautious about elevated prices as they peruse retail aisles and scroll the newest arrivals at their favorite online stores.
Shoppers in Virginia plan to spend about 5% less this holiday season compared with a year ago in response to higher prices and economic uncertainty, according to polling from Roanoke College.
Virginians plan to spend an average of $1,035 this holiday season, mostly on gifts and less on personal purchases for things like apparel and electronics, the poll found.
The spending pullback and emphasis on gift giving rather than personal items suggests Virginia shoppers are balancing optimism about the economy with caution, according to Alice Kassens, dean of Roanoke College’s School of Business, Economics, and Analytics.
“While the economy shows strong headline growth, households are tightening overall budgets, reallocating dollars toward gifts and away from non-essential purchases and experiences,” Kassens said in a release about the poll. “Elevated prices and a softer labor market are shaping these decisions, alongside tariff-driven cost pressures in apparel and electronics.”
