Washington – Retail sales are projected to rise 4.1 percent this year, outpacing 2013’s 3.7 percent gains.
According to a report released today by the National Retail Federation (NRF), continued economic growth, and an expanding labor market and housing sector, will help stoke consumer confidence and expenditures.
“We are cautiously optimistic and hopeful that the economic tides will change in 2014,” said Matthew Shay, president/CEO of the trade association.
NRF cited forecasts for real GDP growth of 2.6 to 3 percent, the fastest in three years, and a decrease in the unemployment rate to near 6.5 percent or lower by December.
In the meantime, retailers this year will be investing in faster fulfillment; mobile payment; in-store mobile marketing; and “name your own price” shopping tools, the trade group said.
The sales projection includes most traditional retail categories, such as discounters, department stores, grocery stores, specialty stores, auto parts and accessories stores, and non-store categories, and excludes sales at automotive dealers, gas stations and restaurants.