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NRF Welcomes Necessary Aid as Biden Unveils Stimulus Plan
The National Retail Federation issued the following statement from President and CEO Matthew Shay in response to the release of President-elect Biden’s plan to combat the coronavirus and stimulate the nation’s economic recovery.
“The stimulus plan released by President-elect Biden is expansive in scope, but it serves as an encouraging signal that the new administration intends swift action to support businesses and...
2020 Retail Imports May Break Record Despite Pandemic
Imports seen during 2020 appear to be headed toward a new record despite the coronavirus pandemic, and remain at high levels as 2021 begins, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates.
“Nobody would have thought last spring that 2020 would be a record year for imports, but it was clearly an unpredictable year,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “Consumers and retailers once again proved their resilience in the face of unprecedented challenges. Thanks in part to government stimulus, retail sales saw...
NRF Chief Economist says Latest Stimulus will Help Continue Recovery from Pandemic
Economic challenges brought on by the coronavirus pandemic will continue in 2021, but stimulus legislation signed into law just after Christmas will help maintain and accelerate the nation’s ongoing recovery, National Retail Federation Chief Economist Jack Kleinhenz said.
“As we closed out 2020, it was an end to a whirlwind year whose challenging economic environment will almost certainly continue in 2021,” Kleinhenz said. “The coming year might be just as eventful as the economic recovery faces many uncertainties...
November Retail Sales give Holiday Season Solid Start
November retail sales dipped from the month before but still showed the sixth consecutive monthly year-over-year gain by government calculations and set the stage for a healthy holiday shopping season compared with last year despite the pandemic, the National Retail Federation said today.
“Consumers held back on spending in November as virus rates spiked, states imposed retail restrictions and congressional stimulus discussions were gridlocked,” NRF President and CEO Matthew Shay said. “While consumers have been bolstered by increases in disposable income and savings, it’s clear that additional...
Retail Imports Still Strong after Setting New Records for The Holiday Season
Imports remain strong after setting new records this fall as retailers stocked up both stores and warehouses for the holiday season and met new demands for quick delivery of online orders, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates.
“The pandemic has made the past year one of the most trying the supply chain has ever seen, but retailers have met that challenge,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “We’ve gone from not knowing whether we would be able to...
NRF Chief Economist Says Pandemic Made this Year's Holiday Forecast the Most Challenging Ever
With the coronavirus pandemic presenting unique circumstances for the nation’s economy, forecasting retail holiday sales this year was more challenging than ever before, National Retail Federation Chief Economist Jack Kleinhenz said today.
“There is no doubt this is the most unusual economic environment in our lifetimes,” Kleinhenz said. “I cannot think of a period with so many simultaneous factors hitting the economy at once when formulating this forecast.”
NRF usually releases its annual holiday forecast in early October but...
Holiday Shoppers Take Advantage of Early, Thanksgiving Weekend Deals
An estimated 186.4 million consumers took advantage of the Thanksgiving holiday weekend and shopped in-store and online this year, according to the annual survey released today by the National Retail Federation and Prosper Insights & Analytics.
“As expected, consumers have embraced an earlier start to the holiday shopping season, but many were also prepared to embrace a long-standing tradition of turning out online and in stores over Thanksgiving weekend to make...
NRF Encouraged by Bipartisan Stimulus Package Conversations
The National Retail Federation issued the following statement from President and CEO Matthew Shay in response to the announcement of a $900 billion bipartisan coronavirus stimulus package. “NRF and our members have been vocal and consistent in our calls for additional, targeted fiscal stimulus and the extension of expiring coronavirus relief measures. We are encouraged by...
NRF Expects Holiday Sales will Grow Between 3.6 and 5.2 Percent
With retail sales rebounding strongly due to continued consumer resilience, the National Retail Federation today forecast that holiday sales during November and December will increase between 3.6 percent and 5.2 percent over 2019 to a total between $755.3 billion and $766.7 billion.
“We know this holiday season will be unlike any other, and retailers have planned ahead by investing billions of dollars to ensure the health and safety of their employees and customers,” NRF President and CEO Matthew Shay said. “Consumers have shown they are excited about the holidays and are willing to...
October Retail Sales Grew as Consumers Started Holiday Shopping Early
Retail sales grew for the sixth month in a row in October, with sales significantly better than the same time a year ago as the economy continued to recover and consumers began their holiday shopping early, the National Retail Federation said today.
“We are encouraged by another positive retail sales number for October — the sixth consecutive positive monthly gain — as early holiday shopping provided a strong boost to the data,” NRF President and CEO Matthew Shay said. “Overall, retail sales were up 10.6 percent in October 2020 versus October 2019, and for the first 10 months of this year, retail sales were up...
Retailers Prepare for Thanksgiving and Unprecedented Holiday Shopping Season
As consumers prepare for smaller gatherings at Thanksgiving and an unusual holiday season, retailers are providing increased safety and convenience measures to offer an ideal shopping experience. For example, Meijer is encouraging customers to shop in whatever way fits their lives, offering delivery services and free pickup on orders over $50 online. The retailer is also adding more available time slots for pickup. Stores will be rolling out new hand sanitizer stations over the course of the holiday season and will install eight stations near high-traffic travel paths including entrances, pharmacies, produce areas, and check lanes. Meijer announced it will be extending...
Imports Set New 'Peak Season' Record as Retailers Prepare for Holidays
Imports likely saw their busiest “peak season” on record this summer and fall as retailers replenished inventories and stocked up for the holiday season, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates.
“Peak season is the Superbowl of the supply chain world each year as retailers make sure they have enough merchandise on hand to satisfy demand during the holidays, and this is the busiest we’ve ever seen,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “Part of this surge was fueled by restocking after retail sales rebounded this summer and part could be making sure there aren’t shortages if...
NRF Chief Economist Says Strong Retail Sales Growth 'Points to The Resiliency of Consumers'
Retail sales have largely recovered from the pandemic heading into the holiday season but the growing number of coronavirus cases remains a threat and additional federal stimulus could help keep the economy on track, National Retail Federation Chief Economist Jack Kleinhenz said today.
“Strong growth in retail sales during the last few months points to the resiliency of consumers even in this disruptive pandemic environment,” Kleinhenz said. “Taking in all the evidence available, the U.S. economic recovery has progressed more quickly than generally expected.”
Kleinhenz agreed with Federal Reserve Chairman Jerome Powell’s recent call for additional...
NRF Foundation Introduces COVID-19 Trainings to Aid Retail Employees
The NRF Foundation today launched two new credentials in its RISE Up program in response to the coronavirus pandemic. The credentials focus on Retail Operations and Customer Conflict Prevention to further ensure retail workers — and the millions of customers they serve — can work and shop more safely and help keep the economy open.
“Retailers have been on the front lines of this pandemic as economic first responders and are going above and beyond to maintaining a safe work environment for themselves, their colleagues and their customers,” NRF President and CEO Matthew Shay said. “These new credentials will give employees the training they need to continue operating and serving customers safely. An informed workforce will build customer confidence and show...
Retailers Say White House and Congress Cannot Wait on New Pandemic Recovery Legislation
The National Retail Federation expressed concern over President Trump’s decision to stop negotiating with congressional leaders on new legislation intended to help the economy recover from the impact of the coronavirus pandemic.
“The pandemic isn’t over and neither is the economic crisis it has created,” NRF President and CEO Matthew Shay said. “There are many families still struggling to make ends meet and businesses facing obstacles to putting workers back on the payroll. We need a vaccine to ensure our personal health. And we need...
Imports Set New Record as Retailers Replenish Inventories and Stock Up Early for Holidays
Imports reached an all-time high this summer as retail sales bounced back from the pandemic and merchants replenished inventories and stocked up early for the holiday season, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates.
“After staying at home this spring, consumers are buying again and retail supply chains are working overtime to keep up with demand,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “Nothing about this year is predictable, but retailers are making sure their shelves and warehouses are well-stocked for the holidays. They are also stocking up earlier than usual because...
Landlords and Retail Tenants Compromise to Emerge Stronger Post-COVID-19, says NRF and PJ SOLOMON
With close to zero revenue coming in the door for many bricks-and-mortar retail operations during the COVID-19 stay-at-home orders, retailers and their landlords are working together to address outstanding rent obligations, the National Retail Federation and PJ SOLOMON said today.
“We started to see some encouraging signs for the retail industry with June’s positive sales growth and within the backdrop of a gradually reopening economy,” said David French, NRF’s Senior Vice President of Government Relations. “The influx of stimulus-driven consumer spending and negotiations with landlords has helped keep retailers afloat. As retailers look ahead to cover rent and other expenses in the coming months, more federal government relief is needed to ensure the industry can continue to rebound and fuel the economic recovery..."
Imports Spike as Economy Continues Recovery and Retailers Stock Up for Holidays
Imports surged to unexpected high levels this summer and may have hit a new record as the U.S. economy continues to reopen and retailers stock up for the holiday season, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates.
“It’s important to be careful how much to read into these numbers after all we’ve seen this year, but retailers are importing far more merchandise for the holidays than we expected even a month ago,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “Some of these imports are helping replenish inventories that started to run low after...
NRF Chief Economist Says Coronavirus 'Continues As a Shock' for Small Businesses
Data indicating that small business owners are increasingly pessimistic about the coronavirus shows the need for continued economic stimulus measures, National Retail Federation Chief Economist Jack Kleinhenz said today.
“The coronavirus continues as a shock to America’s small employers,” Kleinhenz said. “Small businesses are the backbone of American ingenuity and impact local economies in cities and towns across the country, but responses to recent surveys highlight the fragility of many small business enterprises and the importance of the need for well-tailored economic policy.”
“Just as a physician checks a patient’s pulse to measure the rhythm and strength of the heartbeat, small business is...
July Increase in Retail Sales Continues Recovery from Coronavirus Pandemic
Retail sales continued to recover from the impact of the coronavirus pandemic in July, growing more slowly than the month before but adding to the strong turnaround seen since this spring’s declines, the National Retail Federation said today.“Retail sales for July were another positive step in the right direction as our economy continues to slowly reopen,” NRF President and CEO Matthew Shay said. “Americans are showing their continued resilience and willingness to spend in the face of this unprecedented pandemic and government actions to date...
Retail Imports to See Lowest Annual Total in Four Years
Imports at major U.S. retail container ports during 2020 are expected to see their lowest total in four years as the impact of the coronavirus pandemic on the U.S. economy continues, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates.“The economy is recovering but retailers are being careful not to import more than they can sell,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “Shelves will be stocked, but this is not the year to be left with warehouses full of unsold merchandise. The more Congress does to put spending money in consumers’ pockets and provide businesses with liquidity, the sooner we can get back to normal..."
National Retail Federation: Economic Recovery May Not Be a Steady Climb
According to the National Retail Federation’s Chief Economist Jack Kleinhenz, it is difficult to determine how steady the economic recovery will be following the COVID-19 pandemic.
“Optimism about the economy and retail spending is being tested daily with the spread of the coronavirus,” Kleinhenz said. “Big questions are looming, and we are all grappling to discern what incoming data is telling us about the health of the economy and consumers. Depending on the data selected, the answers are not entirely clear.”
Kleinhenz commented in the NRF’s August edition of its Monthly Economic Review...
National Retail Federation Pushing for all Retailers to Adopt Face Mask Policy
As the COVID-19 pandemic continues to impact the United States, the National Retail Federation (NRF) called upon retailers to adopt a nationwide face-covering policy.
The NRF urged business, including grocery stores to implement the policy to protect the health of customers, associates and partners during the pandemic.
“The health and safety of associates and customers is retailers' number one priority and wearing a face covering or mask is scientifically proven to reduce the spread of COVID-19,” the NRF said in a press release...
Retail Imports Improving Slightly, but Still Far Below Last Year
Imports at major U.S. retail container ports are expected to remain significantly below last year’s levels into this fall as the impact of the COVID-19 pandemic continues, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates.
“Economic indicators show that the recession brought on by the pandemic may be easing, but retailers are being conservative with the amount of merchandise they import this year,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “The outlook for imports is slowly improving, but these are still some of the lowest numbers we’ve seen in years.”
“U.S. imports are performing like a yo-yo, up one month and down the next with no apparent cause that can realistically point to either...
NRF Chief Economist Says Pandemic Recession Could Already be Easing but 'No One Has a Crystal Ball'
The economic downturn brought on by the coronavirus pandemic has officially been declared a recession, but National Retail Federation Chief Economist Jack Kleinhenz said today the key question is how long it will last.
“Will this recession be briefer than earlier recessions?” Kleinhenz said. “No one has a crystal ball. And just as it can take months to be certain a recession has begun, it can take time to declare when one is over.”
“While it would be unusual for a recession to last less than six months, it is possible that the current one could have already ended with May’s rebound,” Kleinhenz said. “The good news is that the recession may have...
May Retail Sales Improve Dramatically Over April but Still Below Last Year
Retail sales rose dramatically in May as retailers and other businesses closed by the coronavirus pandemic began to reopen, but remained well below spending levels seen during the same period a year ago, the National Retail Federation said.
“This sales report is very encouraging news at a time when we need to focus on what will happen as retail doors open once again,” NRF President and CEO Matthew Shay said during a live interview on CNBC’s Squawk Box program. “For a sick economy, there is no better medicine than retailers responding to consumers who are ready to safely return to stores. These sales numbers do not reflect the same strength we had going into the pandemic, but they certainly reflect the trajectory we need coming out of it. The most important thing now is...
Pandemic's Impact on Imports Easing, but Numbers are Still Below Last Year
The impact of COVID-19 at major U.S. retail container ports appears to be easing slightly, with projected imports remaining below last year’s levels but not as much as previously forecast, according to the Global Port Tracker report released today by the National Retail Federation and Hackett Associates.
“The numbers we’re seeing are still below last year, but are better than what we expected a month ago,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “It may still be too soon to say but we’ll take that as a sign that the situation could be slowly starting to improve. Consumers want to get back to shopping, and as more people get back to work, retailers want to be sure...
National Retail Federation Announces New Board Members
The National Retail Federation elected two new members to the NRF Board of Directors during its virtual summer board meeting.
The NRF board welcomed Hal Lawton, president and CEO of Tractor Supply Company, and Anish Melwani, chairman and CEO of LVMH Moët Hennessy Louis Vuitton Inc. They will both serve a two-year term until June 2022.
“Hal Lawton and Anish Melwani have shown exceptional leadership during the past few months as our country and the retail industry have faced the coronavirus pandemic and...
Uncertainty Surrounds the Reopening of Businesses
While the reopening of businesses shut down because of the coronavirus pandemic is a significant step forward, the rate at which the economy will recover or consumers will feel comfortable resuming activities such as dining out or shopping remains to be seen.
“Is it possible the worst of the coronavirus pandemic is behind us? Maybe, but we are not out of the woods yet, and uncertainty abounds,” said National Retail Federation Chief Economist Jack Kleinhenz.
Kleinhenz added, “Predicting what will happen is even more challenging than usual. While history often helps guide us, previous downturns offer little guidance on what is likely to unfold over the next six to 12 months. There is no user’s manual in which government, businesses or consumers can find...
April Retail Sales Drop Nearly Twice as Much as March During Coronavirus Pandemic
Retail sales dropped almost twice as much during April as they did in March as the nation’s economy saw its first full month when most businesses were closed because of the coronavirus pandemic, the National Retail Federation said.
“As predicted, retail sales were bad in April and lower than in March,” NRF Chief Economist Jack Kleinhenz said. “This should come as no surprise since April was the first full month when most businesses not considered essential were closed, both in retail and across the economy. But month-to-month comparisons provide little insight other than indicating that most of the economy was on lockdown. Now that we’re in mid-May, many businesses are already starting to reopen. Relief payments and pent-up demand should provide some degree of post-shutdown rebound, but...
Imports to See Double-Digit Annual Declines Even as Stores Begin to Reopen
Imports at major U.S. retail container ports are expected to see double-digit year-over-year declines this spring and summer as the economic effects of the coronavirus pandemic continue, according to the Global Port Tracker report released by the National Retail Federation and Hackett Associates.
“Factories in China are largely back online and stores that closed here in the U.S.. are starting to reopen, but volume is far lower than what we would see in a ‘normal’ year,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “Shoppers will come back and there is still a need for essential items, but the economic recovery will be...
NRF Chief Economist: Recovery Likely to Come in 'Fits and Starts'
With some stores starting to reopen as governors lift stay-at-home orders across the country, economic recovery from the coronavirus pandemic is likely to come gradually and may vary by location, National Retail Federation Chief Economist Jack Kleinhenz said.
“Getting back to work or shopping in a pre-virus manner is difficult to predict at this time, with households likely to tiptoe back in rather than making an immediate return to the lives they experienced before,” Kleinhenz said. “As states begin to slowly reopen and assuming the coronavirus does not come back, the economy should begin a process of gradual recovery. My overall impression is that the recovery will have fits and starts among states, regions and cities depending on...
Retailers Unveil Blueprint for Shopping Safe
The Retail Industry Leaders Association (RILA) and the National Retail Federation (NRF) released a Blueprint for Shopping Safe outlining a phased-in approach to reopening retail. The plan urges governors to issue uniform, statewide protocols for retailers to adopt as they reopen stores and work to keep employees and customers safe.
“As conversations turn to the reopening of the economy, retailers are uniquely situated to provide input, because we’ve been on both sides of the stay at home orders.” said Brian Dodge, RILA president. “Groceries, pharmacies and other retailers that have remained open have implemented practices and protocols that are keeping employees and communities safe.
The Blueprint builds off those successful operating practices. Our goal is for the safe reopen of retail, and we want everyone, policymakers, employees and...
Retailers Call Additional Funding for Small Business Loans 'Important Step On the Path to Recovery'
The National Retail Federation welcomed House action on legislation to increase funding for loans to small businesses during the coronavirus pandemic.
“There are many small retailers that won’t be in business by the time the economy reopens if these loans dry up,” NRF President and CEO Matthew Shay said. “This funding will let them keep their workers on the payroll and help the economy avoid the ripple effects that will come if additional businesses cease to operate and more people lose their jobs. This is an important step on the path to recovery not just for these businesses but...
Retailers Welcome Legislation to Expand Small Business Pandemic Loans
The National Retail Federation welcomed a nearly $500 billion package set for a vote in the Senate that would increase funding for loans to small businesses and provide other economic aid during the coronavirus pandemic.
“Retailers continue to deal with catastrophic hardships from COVID-19 and small retailers are the hardest hit,” NRF President and CEO Matthew Shay said. “The CARES Act was an important first step but funding for the Paycheck Protection Program has already been exhausted and additional relief is essential to keeping employees of small retailers on the payroll and contributing to the economy until we can get through this challenge. This assistance is too important to be given out on a first-come, first-served basis and limited to those who were the quickest to file their applications. This measure will ensure...
NRF Statement on Administration’s Tariff Deferral Announcement
The National Retail Federation today issued the following statement from President and CEO Matthew Shay on the Trump Administration’s announcement to delay the collection of import duties amid COVID-19 pandemic:
“The White House announcement that the government is providing a limited duty deferral for importers is welcome news to retailers struggling to find any good news during this extremely difficult time. We encourage the administration to broaden these deferrals for additional relief. Retailers don’t build stores, buy products and hire associates only to close their doors for weeks at a time. The challenges to the retail industry brought on by this pandemic are...
Retail Industry Leaders Inform President Trump’s Advisory Group on Reopening the U.S. Economy
The National Retail Federation issued the following statement from President and CEO Matthew Shay in response to his participation with other retail industry and business leaders on a White House call for the initiation of the Great American Economic Revival Industry Groups.
“Retailers are on the front line and fully engaged in their communities in this war against coronavirus. The health of their associates, customers and communities is their number one priority.
We are grateful to President Trump, Vice President Pence and Secretary Mnuchin for bringing together some of the most successful business leaders in the world to gather their perspective on how...
Retailers Ask for More Aid for Larger Businesses
The National Retail Federation issued the following statement from President and CEO Matthew Shay in response to announcements made by the Federal Reserve and the Treasury Department on efforts to help businesses with liquidity issues during the coronavirus pandemic:
"As part of the next round of liquidity support for U.S. businesses, today’s release by the Federal Reserve Bank of new term sheets is a welcome development. By strengthening the efficiency of the Paycheck Protection Program and clarifying terms to speed relief to small and mid-market businesses through the Mainstreet Lending Program, the government is...
Estimated March Imports Hit Five-Year Low, Declines Expected to Continue Amid Pandemic
Estimates show that imports at major U.S. retail container ports dropped to their lowest level in five years in March, and imports are projected to remain significantly below normal levels through early summer as the coronavirus pandemic continues, according to the Global Port Tracker report released today by the National Retail Federation and Hackett Associates.
“Even as factories in China have begun to get back to work, we are seeing far fewer imports coming into the United States than previously expected,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “Many stores are closed, and consumer demand has been impacted with...
NRF Chief Economist: Stopping the Pandemic is First Step to Restoring Sound Economy
In the April issue of the National Retail Federation’s Monthly Economic Review, NRF Chief Economist Jack Kleinhenz says the coronavirus pandemic “has triggered shocks” – but that the underlying economy is sound.
“How quickly the country gets a handle on containing the virus will determine the degree of the impact on the economy and how soon businesses can reopen,” Kleinhenz wrote in the report. “We expect a severe contraction, and if the nation doesn’t get the virus under control the fallout will be worse.”
Gross domestic product that was growing at a 2.1 percent annual rate at the end of 2019 is “about to go into a mandated nosedive,” according to the report. And retail sales data for March...
Industry Reacts to Senate Passage of the Coronavirus Stimulus Package
The $2 trillion coronavirus stimulus package is expected to pass in Congress. The Senate passed the legislation Wednesday evening and the House is set to vote today. The bill includes $250 billion to make unemployment insurance available to more categories of workers and to extend the duration of benefits. About $150 billion will go to states, distributed according to population size. Another $349 billion will be used as loans for small businesses.
Matthew Shay, President and CEO of the National Retail Federation, said, "Companies that were investing, growing and contributing to a vibrant economy just a few weeks ago have been thrust into survival mode through no fault of their own." The Federation spoke on behalf of the retail industry in a press release by expressing appreciation for the efforts by leaders in Congress and President Trump to...
Business Groups Send Letter to White House Calling for Economic Stabilization Efforts
The National Retail Federation was among 90 retail industry trade groups that sent a letter to the White House applauding the Trump Administration and House and Senate leadership for their efforts to protect public health and minimize the economic impact of the coronavirus pandemic.
The letter states, “The economic harm from social distancing and mandatory store closures is real. Layoffs and economic hardship will surely follow, particularly for smaller, specialty retailers and brands. The biggest single issue facing the industry right now is liquidity, and federal stimulus efforts must be swift and flexible enough to address the urgent need for access to credit to keep these businesses afloat.”
The retail industry, and the associated suppliers they support, are suffering cumulative losses that amount to tens of billions of dollars every week. As the nation’s largest...
Coronavirus Impact on Imports Expected to Be Larger and Longer than Previously Expected
The coronavirus outbreak is expected to have a longer and larger impact on imports at major U.S. retail container ports than previously believed as factory shutdowns and travel restrictions in China continue to affect production, according to the Global Port Tracker report released today by the National Retail Federation and Hackett Associates.
“There are still a lot of unknowns to fully determine the impact of the coronavirus on the supply chain,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “As factories in China continue to come back online, products are now flowing again. But there are still issues affecting cargo movement, including...
NRF Says Consumers Continue to Drive Economy, Forecasts Retail Sales will Grow
The National Retail Federation today forecast that retail sales during 2020 will increase between 3.5 percent and 4.1 percent to more than $3.9 trillion despite uncertainty from the lingering trade war, coronavirus and the presidential election.
“The nation’s record-long economic expansion is continuing, and consumers remain the drivers of that expansion,” NRF President and CEO Matthew Shay said. “With gains in household income and wealth, lower interest rates and strong consumer confidence, we expect another healthy year ahead. There are always wild cards we cannot control like coronavirus and...
January Retail Sales Grew 2.7 Percent Over Last Year
Retail sales in January increased 0.2 percent seasonally adjusted over December and were up 2.7 percent unadjusted year-over-year, the National Retail Federation said.
“The strength of consumer spending continues to be the anchor of the current economic expansion,” NRF Chief Economist Jack Kleinhenz said. “January’s retail sales results reflect a confident consumer supported by solid wage growth and job gains. While the business sector continues to weigh significant uncertainties, consumers are providing staying power for...
February Retail Imports to See Larger Drop Amid Coronavirus
With coronavirus causing longer Lunar New Year shutdowns of factories in China, imports at major U.S. retail container ports are expected to see a sharper-than-usual drop this month, according to the Global Port Tracker report released today by the National Retail Federation and Hackett Associates.
“February is historically a slow month for imports because of Lunar New Year and the lull between retailers’ holiday season and summer, but this is an unusual situation,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “Many Chinese factories have already stayed closed longer than usual, and...
2020 Super Bowl: Consumers to Spend $17.2 Billion
The latest consumer spending data from the National Retail Federation and Prosper Insights & Analytics’ 2020 Super Bowl survey suggests this may be one of the strongest Super Bowls yet, with millions of adults saying they have plans for the big game. Those watching the event expect to spend an average $88.65 on food and beverages, merchandise and party supplies, for a total $17.2 billion nationwide.
A total of 193.8 million adults plan to watch the Super Bowl this Sunday, with those watching expected to spend an average of $7.35 more than last year. Food and beverages are the most popular purchases at...
Retailers Welcome Phase One Trade Deal with China but Say Remaining Tariffs Must End
The National Retail Federation welcomed the signing of a “phase one” trade agreement between the United States and China but said work remains to be done to end the trade war between the two countries.
“NRF strongly supports the administration’s efforts to address China’s unfair trading practices but we hope this is the first step toward eliminating all of the tariffs imposed over the past two years,” NRF President and CEO Matthew Shay said. “The trade war won’t be over until all of these tariffs are gone. We are glad to see...
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