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Expects this year will see 2.5 percent increase in retail sales
According to the National Retail Federation’s (NRF, Washington, D.C.) 2010 economic forecast, retail industry sales (which exclude automobiles, gas stations, and restaurants) will rise 2.5 percent in 2010, compared to last year. Influential economic indicators such as the housing market and employment are beginning to show positive signs, which will bolster consumer confidence throughout the year, the NRF states in its bi-monthly Retail Sales Outlook.
In 2009, total industry retail sales dropped 2.5 percent.
“As we continue to see signs of improvement throughout the U.S. economy in 2010, overall sentiment will begin to lift, making way for slight increases in consumer spending,” says NRF chief economist Rosalind Wells. “While we still expect shoppers to continue to be frugal with their discretionary spending, retailers will soon be able to reap the benefits of leaner, smarter inventories and a year and a half of pent up consumer demand.”
Other positive economic contributions will come from trade, especially strong exports, a turnaround in the inventory cycle and federal government spending. Consumer spending will lag behind overall economic growth, Wells estimates, but will continue to expand at a modest 2.0 – 2.5 percent rate.
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National Retail Federation is the world's largest retail trade association. Its members include department store, specialty, discount, catalog, Internet, and independent retailers, and chain restaurants and grocery stores. Members also include businesses that provide goods and services to retailers. NRF represents an industry that contains over 1.6 million U.S. retail establishments with more than 24 million employees and (2005) sales of $4.4 trillion. And knowing all this information from NRF somehow gives a feeling of happiness. Thanks for sharing this important info anyway. Keep us updated like this. Cheers! Jonathan Berkowitz