The retail industry sales, which exclude automobiles, gasoline stations and restaurants, will grow between 3.7 and 4.2 per cent in 2017. This has been stated by the National Retail Federation (NRF) today in its economic forecast for this year. Online and other non-store/online sales, which are included in the overall number, are expected to increase between 8 and 12 per cent while economic growth is likely to be in the range of 1.9 to 2.4 per cent.
“The economy is on firm ground as we head into 2017 and is expected to build on the momentum we saw late last year,” NRF President and CEO Matthew Shay said. With jobs and income growing and debt relatively low, the fundamentals are in place and the consumer is in the driver’s seat. But this year is unlike any other – while consumers have strength they haven’t had in the past, they will remain hesitant to spend until they have more certainty about policy changes on taxes, trade and other issues.
The report also forecasts that unemployment may to drop to 4.6 per cent by the end of the year. “Prospects for consumer spending are straightforward – more jobs and more income will result in more spending,” NRF Chief Economist Jack Kleinhenz said.
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“It is clear that online sales will continue to expand in 2017 and provide growth for the retail industry,” said Kleinhenz, adding, “But it is important to realize that virtually every major retailer sells online and many of those sales will be made by discount stores, department stores and other traditional retailers. Retailers sell to consumers however they want to buy, whether it’s in-store, online or mobile.”
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