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Father’s Day Spending Expected to Break Records
According to the National Retail Federation (NRF), records will be broken this Father's Day.
The NRF and Prosper Insights & Analytics showed that spending for Father’s Day would reach a record-high $22.9 billion, up from last year’s $20 billion and well over the previous record of $20.1 billion hit in 2021.
“Father’s Day remains a momentous occasion for Americans to honor the important men in their lives,” NRF President and CEO Matthew Shay said. “Consumers plan to celebrate the holiday in a big way this year, and retailers...
National Retail Federation: Consumers Engaged as Retail Sales Jump in April
The National Retail Federation (NRF) said retail sales bounced back in April, showing month-over-month and year-over-year growth.
“Retail sales rebounded in April, reflecting consumer resilience in the face of elevated economic uncertainty,” NRF President and CEO Matthew Shay said. “Moderating price levels, continued labor market strength and wage gains have increased consumers’ ability to spend. However, they remain cautious and concerned about the current economic environment. Retailers continue to provide competitive pricing and convenience to help cost-sensitive consumers stretch their budgets...
Import Volumes to Sit Below 2022 for the Majority of the Year
The Global Port Tracker report released by the National Retail Federation (NRF) and Hackett Associates showed import cargo volume at major U.S. ports rising from three-year lows in February.
Despite the uptick in imports, the report expects import volumes to remain well below 2022 levels heading into the fall.
“Consumers are still spending and retail sales are expected to increase this year, but we’re not seeing the explosive demand we saw the past two years,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “Congestion at the ports has largely
Mother’s Day Spending to Reach Record Breaking $35.7 Billion
The National Retail Federation (NRF) said that consumers are planning to spend a record $35.7 billion on Mother’s Day this year, nearly $4 billion more than last year’s record high of $31.7 billion.
The data comes from an annual survey released by NRF and Prosper Insights & Analytics. Eighty-four percent of U.S. adults are expected to celebrate the holiday.
“Mother’s Day provides Americans with an opportunity to honor important women in their lives,” NRF President and CEO Matthew Shay said. “As people make plans to celebrate this...
NRF: February Imports to Hit Lowest Point in 3 Years
Import cargo volume is expected to drop to its lowest level since the pandemic began according to the National Retail Federation (NRF) and Hackett Associates’ Global Port Tracker report.
“With the U.S. economy slowing and consumers worried by rising interest rates and still-high inflation, retailers are importing less merchandise,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “February is traditionally a slow month, but these are the lowest numbers we’ve seen in almost three years. Retailers are being cautious as they wait...
NRF Economist Says U.S. Recession Unlikely and Expects Slight Growth in 2023
A recession is unlikely and the economy is expected to see slight growth in 2023 as consumers continue to cope with inflation and high interest rates, National Retail Federation Chief Economist Jack Kleinhenz said today.
“A month into 2023, the economy is facing stiff headwinds and – with the exception of easing inflation – will likely face more challenges before it gets better,” Kleinhenz said. “The debate on whether we are in a recession will heighten over the next few months, just like last year...
NRF Statement on Senate Introduction of Critical ORC Legislation
The National Retail Federation today issued the following statement from Senior Vice President of Government Relations David French after the Combating Organized Retail Crime Act of 2023 and the Organized Retail Crime Center Authorization Act were introduced in the U.S. Senate. The bills will create new tools to assist in federal investigation and prosecution of ORC and help recover lost goods and proceeds.
“Retailers face security-related challenges on many fronts, and ORC continues to be a formidable threat in communities across the country...
NRF: Valentine’s Day Spending to Soar Past 2022 to $26 Billion
The National Retail Federation (NRF) expects consumers to shell out $25.9 billion for Valentine’s Day in 2023, up from 2022’s $23.9 billion, per an annual survey released by the group and Prosper Insights & Analytics.
If the survey results hold true, 2023 would be one of the highest spending years on record, the NRF noted.
“Valentine’s Day is a special occasion to shop for the people we care most about,” NRF President and CEO Matthew Shay said. “This year, as consumers embrace spending on friends and...
NRF Announces Six Additions to Board of Directors
The National Retail Federation today announced the addition of six new members to its Board of Directors. The new members were elected to the board at NRF’s annual winter board meeting, held at NRF 2023: Retail’s Big Show.
“We are honored to welcome such a distinguished and diverse group of individuals to the NRF Board of Directors,” NRF President and CEO Matthew Shay said. “Their willingness to provide volunteer leadership, expertise and guidance to NRF allows us to continue driving positive change on behalf of retailers large and small in communities across...
Imports Drop Below 2 Million TEU As Pandemic-Driven Shipping Surge Comes to an End
With a pandemic-driven surge finally over, monthly import cargo volume at the nation’s major container ports has fallen below the 2 million TEU mark and should remain there through most of this spring, according to the Global Port Tracker report released today by the National Retail Federation and Hackett Associates.
“Ports have been stretched to their limits and beyond but are getting a break as consumer demand moderates amid continued inflation and high interest rates,” NRF Vice President for Supply...
NRF Economist Says Balance Between Inflation and Interest Rates is Key to Avoiding Recession
It’s too soon to say whether the Federal Reserve’s efforts to reduce inflation will lead to a recession, but continuing interest rate hikes increase the chances, National Retail Federation Chief Economist Jack Kleinhenz said today.
“This year starts with the possibility of easing inflation but also uncertainty,” Kleinhenz said, referring to the interest rate hikes. “There is no easy fix for inflation, and the Fed’s job of trying to bring down rising prices without damaging the labor market or the rest of the economy is not...
First Half of Holiday Season Shows Strong Year-Over-Year Results Despite Monthly Drop
November retail sales dipped from a surge of early holiday shopping the month before but still saw solid year-over-year growth that marked a strong start to the holiday season, the National Retail Federation said today.
“Consumers continued to spend on household priorities and holiday gifts for loved ones this November despite continued inflation and rising interest rates,” NRF President and CEO Matthew Shay said. “Holiday shoppers are demonstrating resilience, and retailers are providing great products and experiences at the right price..."
EuroCommerce & NRF Welcome European Commission Preliminary Decision on Transatlantic Data Framework
EuroCommerce and the National Retail Federation welcomed the European Commission’s preliminary decision today that an EU-U.S. agreement on transatlantic data transfers provides adequate protections for European citizens required under EU law, and said they would provide further analysis ahead of final approval of the adequacy decision in 2023.
“The European retail and wholesale sector welcomes the new EU-U.S. data privacy framework and appreciates the strong commitments and hard work of the European Commission,” EuroCommerce Director General Christel Delberghe said. “The draft adequacy decision is a sign of..."
Imports Winding Down as Holiday Season Nears Finish Line
With most holiday merchandise already on retailers’ shelves or in their warehouses, December cargo volume at the nation’s major container ports should be significantly below records set earlier this year, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates.
“Retailers are in the middle of the annual holiday frenzy but ports are headed into their winter lull after one of the busiest and most challenging years we’ve ever seen,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said...
Retailers Commend Congressional Leaders for Swift Action to Prevent Catastrophic Rail Strike
The National Retail Federation today issued the following statement from President and CEO Matthew Shay following the U.S. Senate’s passage of H.J. Res. 100, sending the Tentative Agreement to President Biden’s desk for final signature. The resolution was approved yesterday in the House.
“The freight and commuter rail systems are essential partners to America’s retailers, moving goods throughout the country every day. A nationwide rail strike at this juncture would have had devastating consequences for our economy, and exacerbated inflation for American families...
NRF Says GDP Growth is Slower But Consumer Spending Remains Positive
Gross domestic product isn’t likely to grow as much in the final months of 2022 as it did in the third quarter, but consumer spending should remain strong even though its rapid pace is continuing to slow, National Retail Federation Chief Economist Jack Kleinhenz said today.
“The third quarter’s results clearly dispelled the notion that the U.S. economy is in a recession, and the silver lining was the ongoing resiliency in consumption,” Kleinhenz said. “Nonetheless, the economy is cooling and interest-sensitive sectors, in particular, have seen a significant...”
Record 196.7 Million Consumers Shop Over Thanksgiving Holiday Weekend
A record 196.7 million Americans shopped in stores and online during the five-day holiday shopping period from Thanksgiving Day through Cyber Monday, according to the annual survey released today by the National Retail Federation and Prosper Insights & Analytics. The total number of shoppers grew by nearly 17 million from 2021 and is the highest figure since NRF first started tracking this data in 2017.
“The Thanksgiving holiday shopping weekend is a tradition treasured by many American families,” said NRF President and CEO Matthew Shay. “As inflationary pressures persist..."
NRF Reiterates White House Call for Congressional Action to Avoid Rail Strike
The National Retail Federation today issued the following statement from President and CEO Matthew Shay following the White House’s call for immediate congressional intervention to avoid a rail strike and subsequent shut down of the U.S. freight rail system. The directive comes as the cooling off period expires Dec. 8 and railroads begin to suspend operations ahead of a labor strike.
“The freight rail system is an integral part of America’s transportation system, moving cargo to communities in every corner of the country every day..."
NRF Calls on Congress to Take Action to Avert a Catastrophic Rail Strike
The National Retail Federation today issued the following statement from President and CEO Matthew Shay following the announcement that a fourth rail union has rejected the tentative agreement brokered by the administration among the labor unions and freight railroads.“Millions of hardworking Americans rely on the freight rail system for their jobs and the economic security of our country. A nationwide rail strike during the peak holiday season will be devastating for American businesses, consumers and the U.S. economy.“American businesses and families are already facing..."
The National Retail Federation today issued the following statement from President and CEO Matthew Shay following the announcement that a fourth rail union has rejected the tentative agreement brokered by the administration among the labor unions and freight railroads.
“Millions of hardworking Americans rely on the freight rail system for their jobs and the economic security of our country. A nationwide rail strike during the peak holiday season will be devastating for American businesses, consumers and the U.S. economy..."
Record 166.3 Million Shoppers Expected During Thanksgiving Weekend
An estimated 166.3 million people are planning to shop from Thanksgiving Day through Cyber Monday this year, according to the annual survey released today by the National Retail Federation and Prosper Insights & Analytics. This figure is almost 8 million more people than last year and is the highest estimate since NRF began tracking this data in 2017.
“While there is much speculation about inflation’s impact on consumer behavior, our data tells us that this Thanksgiving holiday weekend will see robust store traffic with a record number of shoppers taking advantage of value..."
ezCater Survey Reveals Free Meals Help Retain Hard-Working Employees During the Busy Holiday Season
The holiday season is here, and 4 out of 5 (84%) onsite workers at stores, warehouses, factories, call centers, and transit hubs anticipate working overtime this holiday season, according to a recent survey by ezCater. The National Retail Federation expects retailers will hire between 450,000 and 600,000 seasonal workers in 2022. With the unemployment rate hovering around a 50-year low, the competition for talent is fierce.
ezCater, the most trusted provider of corporate food solutions, recently surveyed over 1,100 onsite workers across a variety...
With Retailers Well Stocked, Imports are Slowing as Holiday Season Ramps Up
Retailers expect a busy holiday season the next two months but imports at the nation’s major container ports should continue to slow from records set earlier in the year, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates.
“Cargo levels that historically peak in the fall peaked in the spring this year as retailers concerned about port congestion, port and rail labor negotiations and other supply chain issues stocked up far in advance of the holidays,” NRF Vice President...
NRF Says Strong Consumer Fundamentals Counter Inflation and Interest Rates in Holiday Forecast
The National Retail Federation balanced high inflation and rising interest rates against strong consumer fundamentals as it developed its 2022 holiday spending forecast, Chief Economist Jack Kleinhenz said today.
“There are many factors impacting our holiday forecast, but business conditions are generally positive as consumer fundamentals continue to support economic activity,” Kleinhenz said. “Despite record levels of inflation, rising interest rates and low levels of confidence, consumers have been steadfast in their spending and remain in the driver’s seat. The latest figures show the economy..."
NRF Predicts Healthy Holiday Sales as Consumers Navigate Economic Headwinds
Holiday spending is expected to be healthy even with recent inflationary challenges, as the National Retail Federation today forecast that holiday retail sales during November and December will grow between 6% and 8% over 2021 to between $942.6 billion and $960.4 billion. Last year’s holiday sales grew 13.5% over 2020 and totaled $889.3 billion, shattering previous records. Holiday retail sales have averaged an increase of 4.9% over the past 10 years, with pandemic spending in recent years accounting for considerable gains.
“While consumers are feeling the pressure..."
Year-Over-Year Retail Sales Growth Continues
Retail sales remained strong on a monthly basis and saw another year-over-year gain in September despite an interest rate hike from the Federal Reserve and continuing inflation, the National Retail Federation said today.
“September retail sales confirm that even with rising interest rates, persistent inflation, political uncertainty and volatile global markets, consumers are spending for household priorities,” NRF President and CEO Matthew Shay said. “As we enter the holiday season, shoppers are increasingly seeking deals and discounts to make their dollars stretch, and retailers are already meeting this demand. However, the..."
NRF Opposes Proposed Independent Contractor Rule
The National Retail Federation today issued the following statement from Senior Vice President of Government Relations David French regarding the new proposed rule from the Department of Labor on independent contractor status.
“The modern workplace is more complex in the wake of the COVID-19 pandemic. Retailers, along with countless other employers, maintain a wide range of business relationships with independent contractors, including billing, facility maintenance, data analysis, delivery, marketing and other critical services...
Imports Headed to Lowest Level Since Early 2021 But Retailers Are Well Stocked for Holidays
Imports at the nation’s major container ports are expected to fall to their lowest level in nearly two years by the end of 2022 even though retail sales continue to grow, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates.
“The holiday season has already started for some shoppers and, thanks to pre-planning, retailers have plenty of merchandise on hand to meet demand,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said...
Retailers Welcome Executive Order on Transatlantic Data Flows
The National Retail Federation welcomed the White House’s announcement on Friday of an executive order that lays the groundwork to restore the EU-U.S. Privacy Shield program as the improved EU-U.S. Data Privacy Framework. The announcement advances the agreement in principle reached between the United States and European Union in March of this year.
“We applaud the Biden administration for taking this timely action to safeguard transatlantic data flows on which the global retail industry depends,” said NRF Senior Vice President of Government Relations David French. “NRF has long engaged with..."
Rep. Peter Welch Recognized as NRF ‘Champion of Main Street’
The National Retail Federation today presented Vermont Congressman Peter Welch with the association’s “Champion of Main Street” award during a ceremony with the Vermont Retail & Grocers Association.
“Congressman Welch is among the retail industry’s strongest advocates, affecting positive change for local businesses and his constituents alike,” NRF President and CEO Matthew Shay said. “As a fierce proponent of swipe fee transparency and credit card competition, NRF is proud to recognize his leadership through the 2022 ‘Champion of Main Street’ Award.”
Last month, Welch introduced the Credit Card Competition Act in...
Retailers Say New Fed Debit Card Regulations Mean Networks Will Have to Compete Online
The National Retail Federation today welcomed the Federal Reserve’s approval of regulations that clarify that banks and credit card networks are legally required to give retailers a choice between two unaffiliated networks over which to route debit card transactions regardless of whether purchases take place in-store or online.
“The Federal Reserve has declared once and for all that a debit transaction is a debit transaction no matter where it takes place and that merchants have the right to choose the network that offers the..."
NRF Says Consumers Still Spending Despite Worries Over Inflation and Interest Rates
Consumers remain worried about high inflation and Federal Reserve interest rate hikes intended to bring inflation under control, but neither has stopped them from spending, National Retail Federation Chief Economist Jack Kleinhenz said today.
“The economic situation in the United States is unsettling,” Kleinhenz said. “Consumer confidence is down, consumer spending’s rate of growth has slowed, and economists and consumers alike are worried about the possibility of a recession, all reflecting persistently high inflation and rising interest rates. Nonetheless, spending continues to grow, and many economists say a..."
Food Retailers Missing Out on Revenue Opportunities, New Study Reveals
OSF Digital releases the 2022 Grocery Omnichannel Retail Index with insights for food retailers and grocers to accelerate growth and increase loyalty
OSF Digital, an award-winning provider of digital transformation services to companies worldwide, announced the release of the 2022 Grocery Omnichannel Retail Index (ORI) findings in partnership with FMI, the Food Industry Association, and NRF, the National Retail Federation. The 2022 Grocery ORI reveals progress in omnichannel best practices; however, the majority of food retailers are still behind in developing integrated, seamless, and personalized experiences across all channels...
August Retail Sales Supported by Job and Wage Gains Amid Continued Inflation
Consumers’ willingness to spend overcame inflation again in August as more jobs and higher wages helped ease some of the pressure of continuing high prices, the National Retail Federation said today.
“August retail sales show consumers’ resiliency to spend on household priorities despite persistent inflation and rising interest rates,” NRF President and CEO Matthew Shay said. “As we gear up for the holiday season, consumers are seeking value to make their dollars stretch. Retailers have been hard at work managing their supply chains and holiday inventories to provide..."
NRF Statement on Tentative Rail Agreement
The National Retail Federation today issued the following statement from President and CEO Matthew Shay following the White House’s overnight announcement that a tentative agreement has been reached between freight railroads and rail labor organizations, avoiding a shutdown of the freight rail system.
“We are relieved and cautiously optimistic that this devastating nationwide rail strike has been averted. We appreciate the Biden administration’s intervention on behalf..."
NRF Foundation Board Names Two New Members
The NRF Foundation Board of Directors today named two new members during its latest meeting. The NRF Foundation Board is comprised of professionals who support the organization’s mission to connect people to life-changing opportunities in retail in communities nationwide through career resources, training and scholarships.
The new board members are:
- University of Maryland Smith School of Business Director of Undergraduate Career Programming Ashlee Chicoine- Columbia College Chicago Undergraduate and 2022 NRF Foundation Next Generation Scholar Robert Davison Long...
Import Slowdown Continues as Fed Tries to Rein in Consumer Demand
With inflation continuing and the Federal Reserve hoping to cool demand through higher interest rates, imports at the nation’s major container ports are expected to fall below last year’s levels for the remainder of 2022, according to the monthly Global Port Tracker report released by the National Retail Federation and Hackett Associates.
“Consumers are still buying, but the cargo surge we saw during the past two years appears to be slowing down,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “Cargo volumes are solidly..."
NRF Says Growth Has Slowed But Indicators Disagree on Whether the Nation is in a Recession
U.S. economic growth has slowed, but it still isn’t clear if the nation is in a recession, National Retail Federation Chief Economist Jack Kleinhenz said today.
“As we come to the end of the summer, economic indicators are signaling an unsteady U.S. expansion in the face of several headwinds,” Kleinhenz said, noting ongoing inflation, Federal Reserve interest rate hikes, the volatile stock market and other issues. “These factors are all contributing to the debate on whether the economy is..."
July Retail Sales Show Consumers Still Shopping Despite Inflation
Core retail sales as calculated by the National Retail Federation rose in July even as overall sales reported by the Census Bureau remained flat on a monthly basis, and both calculations showed strong year-over-year gains as consumers kept shopping despite high inflation, NRF said today.
“Retail sales grew in July, supported by declines in prices at the gas pump and moderately lower inflation,” NRF President and CEO Matthew Shay said. “Consumers are adapting to higher prices by prioritizing essentials like food and back-to-school items, and retailers are..."
NRF Says Economy is Strong Enough to ‘Keep a Recession at Bay’ Despite Two Quarters of Decline
Despite two consecutive quarters of decline, the U.S. economy still does not appear to be in a recession and remains unlikely to enter one this year, National Retail Federation Chief Economist Jack Kleinhenz said today.
“Back-to-back contractions have heightened fear of a recession, but while the economy has lost momentum heading into the second half of the year, economic data is not yet consistent with a typical recession,” Kleinhenz said. “Our view is that while the economy is functioning at a..."
Retailers Welcome Action But Say House Bill Fails to Create a Uniform National Privacy Law
The National Retail Federation called on the House to move cautiously on federal privacy legislation, saying a measure approved today by the Energy and Commerce Committee fails to establish a single national standard for U.S. data privacy law.
“We appreciate that the committee has worked tirelessly to improve this bill during the subcommittee and full committee processes,” NRF Senior Vice President for Government Relations David French said. “The legislation adopted today appropriately revised a provision to safeguard customer loyalty programs that help make everyday necessities..."
June Retail Sales Increased Despite Rising Inflation
Retail sales increased in June even as inflation climbed higher and drove up prices across the board, the National Retail Federation said today.
“June retail sales data shows that consumers remain on solid footing despite rising prices and an active Fed raising interest rates to combat it,” NRF President and CEO Matthew Shay said. “Inflation has consumers modifying their spending behavior and prioritizing essentials like food, energy and back-to-school items. Unfortunately, modified consumer behavior won’t be sufficient to offset persistent price increases. Other policy measures like removing China tariffs, enacting smart..."
U.S. Ports Set Another Record as Volume Remains High and West Coast Labor Contract Talks Continue
Imports set another record high this spring as the nation’s major container ports worked to reduce congestion and retailers stocked up before dockworkers’ West Coast labor contract expired, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates.
“Cargo volume is expected to remain high as we head into the peak shipping season, and it is essential that all ports continue to operate with minimal disruption,” NRF Vice President for Supply Chain and Customs Policy Jonathan...
NRF Responds to Rising CPI by Urging Administration to Repeal China Tariffs
The National Retail Federation today called on the Biden administration to repeal tariffs on goods from China, citing Consumer Price Index numbers released this morning by the Bureau of Labor Statistics.“This report showing that rampant inflation continues is one more reason for the administration to move quickly to repeal tariffs,” NRF President and CEO Matthew Shay said. “Independent researchers and government agencies agree that ending tariffs is the fastest way to relieve the pressure of higher prices that American businesses, workers and consumers are facing every day...
US Ports Remain at Near-Record Volume as Demand Continues & West Coast Contract Deadline Approaches
Imports at the nation’s major retail container ports should see near-record volume again this month as retailers work to meet still-strong consumer demand and also protect themselves against potential disruptions at West Coast ports, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates.
“We’re in for a busy summer at the ports,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “Back-to-school supplies are already arriving, and holiday merchandise..."
Retailers Say New Biofuel Levels Will Drive Up Food Prices
The National Retail Federation today said biodiesel levels set by the Environmental Protection Agency for this year are too high and will drive up inflation for already high food prices, especially processed foods that rely on food oils from crops like soybeans.
“For more than a year, we’ve alerted the EPA and the administration about the shortage of food oils, which is causing significant disruptions throughout the supply chain and raising food costs for consumers,” said David French, NRF’s senior vice president for government relations and executive director of...
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