NRF predicts retail sales will rise 2.5% in 2010
Retail could return to 2007 levels by 2011 if recovery continues as forecast
-- Home Accents Today, 1/26/2010 1:30:00 PM
Expecting the job and housing markets to improve this year, the National Retail Federation today predicted 2010 retail sales will climb 2.5% compared to 2009. Last year, according to the NRF, retail sales fell 2.5%.
“As the labor market improves, so will consumer incomes -- the single most important ingredient for consumer spending,” NRF Chief Economist Rosalind Wells said in a report. “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.”
Wells said discount stores and warehouse clubs will remain favorite destinations for shoppers, middle-market retailers will be the most challenged, and that retail sales should return to 2007 levels by 2011 if the economic recovery continues as forecast.
NRF expects consumer spending will lag economic growth, but sees a strong outlook for trade, exports, the inventory cycle and federal government spending.
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