NRF forecasts retail sales to grow 3.1% in 2016

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The National Retail Federation said Wednesday it expects retail sales, excluding automobiles, gas stations and restaurants, will grow 3.1 percent in 2016, which is higher than the 10-year average of 2.7 percent.

NRF also announced it expects non-store sales in 2016 to grow between 6 percent and 9 percent.

“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 favorable for growth in the retail industry,” said NRF President and CEO Matthew Shay. “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.”

“The economy had a bumpy ride in 2015 with fits and starts along the way,” said NRF Chief Economist Jack Kleinhenz. “Despite the volatility, the economy continued to reduce unemployment, raise wages and actually increase real GDP by 2.4 percent. Lower gas prices are creating more discretionary income to save, pay down debt and spend on travel, eating out and personal services. Retailers have benefited as well, and continue to find ways to compete and succeed in a very cost-conscious environment.”

Additional economic insights from the NRF include:

NRF is the world’s largest retail trade association, representing discount and department stores, home goods and specialty stores, Main Street merchants, grocers, wholesalers, chain restaurants and Internet retailers from the United States and more than 45 countries. Retail is the nation’s largest private sector employer, supporting one in four U.S. jobs — 42 million working Americans. Contributing $2.6 trillion to annual GDP, retail is a daily barometer for the nation’s economy.

 

Retail industry sales according to NRF include most traditional retail categories, including auto parts and accessories stores, non-store categories, discounters, department stores, grocery stores and specialty stores, and exclude sales at automotive dealers, gas stations and restaurants. 

FOR IMMEDIATE RELEASE
Treacy Reynolds (855) NRF-PRESS
PRESS@NRF.com

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NRF Forecasts Retail Sales to Grow 3.1% in 2016
Non-store Sales to Grow as Much as 9%

The National Retail Federation released its 2016 economic forecast today, projecting retail industry sales (which exclude automobiles, gas stations and restaurants) will grow 3.1 percent*, higher than the 10-year average of 2.7 percent. NRF also announced today it expects non-store sales in 2016 to grow between 6 and 9 percent.

“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 favorable for growth in the retail industry,” said NRF President and CEO Matthew Shay. “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.”

“The economy had a bumpy ride in 2015 with fits and starts along the way,” said NRF Chief Economist Jack Kleinhenz. “Despite the volatility, the economy continued to reduce unemployment, raise wages and actually increase real GDP by 2.4 percent. Lower gas prices are creating more discretionary income to save, pay down debt and spend on travel, eating out and personal services. Retailers have benefited as well, and continue to find ways to compete and succeed in a very cost-conscious environment.”

Additional economic insights from the National Retail Federation include:

NRF is the world’s largest retail trade association, representing discount and department stores, home goods and specialty stores, Main Street merchants, grocers, wholesalers, chain restaurants and Internet retailers from the United States and more than 45 countries. Retail is the nation’s largest private sector employer, supporting one in four U.S. jobs — 42 million working Americans. Contributing $2.6 trillion to annual GDP, retail is a daily barometer for the nation’s economy. NRF’s This is Retail campaign highlights the industry’s opportunities for life-long careers, how retailers strengthen communities and the critical role that retail plays in driving innovation. NRF.com

*Retail industry sales according to NRF include most traditional retail categories, including auto parts and accessories stores, non-store categories, discounters, department stores, grocery stores and specialty stores, and exclude sales at automotive dealers, gas stations and restaurants.

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