CHARLOTTE — New economic data show wages are going up in several counties in our area over the past year. This could be good news for retailers who depend heavily on the holiday shopping season.
After decades of fairly stagnant wage growth, wages jumped when the pandemic hit but dropped off as the country recovered.
They’ve been steadily but slowly increasing since mid-2022. This is good news not only for workers but also for retailers.
“We have seen a steady business. A steady flow of people coming in, and kind of more anxious to spend this Christmas than it feels like the last Christmases, where it was a little tighter,” said jewelry store worker Brittany Holden.
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The new federal data show wages in the second quarter of the year were up around 5% in both North and South Carolina over the same period last year, putting both states in the top 10 in the country for wage growth.
Cabarrus County saw a wage growth of 9.4%, followed by Mecklenburg, Gaston, and York counties at around 5%.
Wages in Iredell County decreased by around 2% but with so much inflation over the past two years, higher earnings don’t mean it will be easier to pay for things.
“I would definitely say at least at the grocery store. Especially having 3 kids; it adds up very quickly, with just the basic needs,” said Holden.
The National Retail Federation said it expects record spending of around $900 per person this holiday season and overall spending in the United States to reach just shy of a trillion dollars.
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