With increases in consumer spending expected to continue for the remainder of the year, American retail trade association NRF expects sales for 2016 to grow by 3.4 percent compared to last year - surpassing the 3.1 percent it had forecast earlier.
Non-store sales, included in the overall figure, are expected to increase 7-10 percent rather than the 6-9 percent forecast earlier. Not included are sales estimates for cars, forecourts and restaurants.
“Economic indicators are showing positive trends for retail,” NRF President and CEO Matthew Shay said, citing an improved housing and jobs market and higher wages as positive factors, “and we believe that retail customers will continue the positive trends we have seen in the first two quarters of the year”.
The NRF represents retailers from the United States and more than 45 other countries. Retail is the USA's largest private sector employer, supporting one in four jobs – 42 million working Americans.
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Martha Sparrius. To subscribe to ESM: The European Supermarket Magazine, click here.
