National Retail Federation Predicts 3.4% Sales Increase in 2013
The National Retail Federation (NRF) has recently released 2013 economic forecast offers good news to retailers all over the nation – they predict a 3.4% increase in overall sales for the year of 2013. The numbers, which exclude the sale of automobiles, gasoline, and restaurants, come as great news for retailers who may have previously expected a slight drop, as the industry suffered from the period between 2011 and 2012. However, a stronger economy and a whole host of other factors have led to the potential for higher retail sales.
Employment is a strong factor for the projected increase. As more and more people are finding job security, more people will have expendable income to shop at retail locations of all kinds. Another important recent change is a general increase in payroll – those who do have jobs also have a bit more money to spend. Additionally, improvements in the housing industry and inflation in general provide customers with more confidence and a greater base of resources to purchase items.
3.4% might not jump out as a huge number, but compared to the tremendous falls from five years back, it is promising to see some growth of any kind. It may not be cause to change any business practices or to expect a huge influx of customers, but it should provide businesses with the confidence to move forward with ambitious plans and keep competing in the market.
It is important to keep in mind that retailers must do their jobs to stimulate the economy, too. Provide customers with prices that they can afford and give them a reason to purchase your products. Additionally, reaching a healthy balance of employees and profit is vital to the health of the economy and of your business in particular.