Retail group expects stronger sales in 2014
Retail sales are expected to increase 4.1 percent this year, according to the National Retail Federation’s 2014 economic forecast.
That projected increase would build on a preliminary 3.7 percent growth estimate seen in 2013. The data does not include sales involving automobiles, gas stations and restaurants.
Online sales will likely grow between 9 and 12 percent, the trade group said.
NRF President and CEO Matthew Shay said the optimistic outlook is due to improved economic growth, expected to be reflected in a 2.6 to 3 percent annual rise in gross domestic product, an improvement over the estimated 1.9 percent in 2013. It also cited expected labor and housing market improvements as well as positive expectations for consumer spending.
“Though headwinds in the form of the looming debt ceiling debates, increased health care costs, and regulatory concerns still pose risks for both consumers and retailers, we are cautiously optimistic and hopeful that the economic tides will change in 2014,” he said.
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