Despite witnessing low sales in the holiday season last year, the National Retail Federation, world’s largest retail trade association, in its recent economic forecast has mentioned that retail sales (which exclude automobiles, gas stations and restaurants) will surge by 3.1 per cent this year, higher than the 10-year average of 2.7 per cent. Additionally, non-store sales will rise between 6 and 9 per cent.
Matthew Shay, NRF President and CEO elaborates, “Wage stagnation is easing, jobs are being created and consumer confidence remains steady, so despite the headwinds our economy faces from international developments — particularly in China — we think 2016 will be favourable for growth in the retail industry. All of the experts agree that the consumer is in the driver’s seat and steering our economic recovery. The best thing the Government can do is stay out of the way, stop proposing rules and regulations that create hurdles toward greater capital investment and focus on policies that help retailers provide increased income and job stability for their employees.”
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In the press release, the retail association also stated that economic growth is expected to remain and uneven; to be in the range of 1.9 to 2.4 per cent this year. Besides, employment gains of approximately 190,000 on an average monthly basis are expected. By the end of this year, unemployment rate is expected to go down by 4.6 per cent.
NRF represents discount and department stores, home goods and specialty stores, main street merchants, wholesalers, internet retailers, etc. from the US and more than 45 countries.
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