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NRF Economist Says Labor Market and Interest Rates Will Play Major Roles in 2024

After a better-than-expected performance in 2023, what happens with the economy in 2024 could depend largely on the labor market and what the Federal Reserve does with interest rates, National Retail Federation Chief Economist Jack Kleinhenz said today.

“Federal Reserve officials have tough policy choices ahead as they decide on what to do and when,” Kleinhenz said. “There is still a risk that keeping rates too high could curb the economy’s momentum more than necessary. Yet if they lower rates too soon...

 

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Feb 2 10:41 AM, Urner Barry



The Retail Rundown: Touching Down on Super Bowl Spending

The retail sector is touching down on the first major retail food-buying occasion of the year—the Super Bowl. The game between the Kansas City Chiefs and San Francisco 49ers will take place on Sunday, February 11th and grocers have plenty to celebrate ahead of what could be a record-smashing milestone for sales.

A record 200.5 million viewers are expected to tune in to Super Sunday, according to the National Retail Federation (NRF). Collective spending on food, drinks, apparel, decorations, and other purchases could hit $17.3 billion, also...

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Jan 31 7:00 AM, UB Newswires


Super Bowl 2024: Total Spending Expected To Reach Record $17.3 Billion For Chiefs vs. 49ers Game

The Kansas City Chiefs and San Francisco 49ers are heading to the Super Bowl this year. The two teams are set to face off against each other in Las Vegas on Sunday, February 11. And while there could be a debate as to whether people are tuning in for the actual game or just Taylor Swift sightings, the National Retail Federation (NRF) says that 200.5 million adults plan to watch. 

According to the latest consumer spending data from NRF and Proper Insights & Analytics...

 

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Jan 30 2:38 AM, SeafoodNews


Kroger CIO Discusses Digital Innovation Trends for Grocery Retail in 2024

The Kroger Co. (NYSE: KR) today shared Chief Information Officer (CIO) and Senior Vice President (SVP) Yael Cosset joined Sucharita Kodali, Vice President at Forrester Research, this week at the National Retail Federation's (NRF) Big Show for a conversation on Kroger's digital journey and how that transformation impacts customers and associates.

"We continue to invest in our digital transformation journey by enhancing our customer and associate experiences, recognizing that both are equally impactful to gaining loyalty and earning our customer's...  

 

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Jan 22 8:00 AM, Urner Barry


More People Than Ever Expected to Shop During Thanksgiving Holiday Weekend

An estimated 182 million people are planning to shop in-store and online 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 15.7 million more people than last year and is the highest estimate since NRF began tracking this data in 2017.

“The Thanksgiving holiday weekend marks some of the busiest shopping days of the year, as consumers enjoy the tradition of shopping for the perfect gifts for friends and loved...

 

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Nov 17 12:02 PM, Urner Barry


Census Says Retail Sales Grew Year Over Year in October But Growth Continued to Slow

Retail sales kept up a long streak of year-over-year gains in October even though the rate of growth continued to slow, National Retail Federation Chief Economist Jack Kleinhenz said in response to the U.S. Census Bureau’s release of monthly retail sales data today.

“Fourth-quarter consumer spending stepped off on a more moderate pace, as expected,” Kleinhenz said. “The staying power of the American consumer has been the story of 2023, but financial conditions have...

 

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Nov 17 8:02 AM, Urner Barry


Consumers to Spend Nearly $900 to Celebrate the Winter Holidays

Those celebrating the winter holidays expect to spend $875 on average on gifts, decorations, food and other key seasonal items, according to the National Retail Federation’s latest consumer survey conducted by Prosper Insights & Analytics. The amount is $42 more than consumers planned to spend in 2022 and is in line with the average holiday budget over the last five years.

“The winter holidays are an important tradition to many American families, and shoppers are prioritizing their holiday purchases for the people most important to them,”...

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Oct 19 11:18 AM, Urner Barry


Import Cargo Slowing Along with Spending Growth

Import cargo volume at the nation’s major container ports has already hit its expected peak for the year and should gradually slow headed into the holiday season, according to the Global Port Tracker report released today by the National Retail Federation and Hackett Associates.

“Cargo volumes will still be strong the rest of the year, but not as high as we expected a month ago,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “Retailers stocked up early this year as a safeguard against supply chain labor issues and are...

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Oct 11 8:00 AM, Urner Barry


Retail Crime Accounted for Over $112 Billion in Industry Losses in 2022, According to NRF Report

As incidents of retail crime continue to escalate throughout the country, retailers have seen a dramatic jump in financial losses associated with theft. When taken as a percentage of total retail sales in 2022, shrink accounted for $112.1 billion in losses, up from $93.9 billion* in 2021, according to the 2023 National Retail Security Survey released today by the National Retail Federation.

“Retailers are seeing unprecedented levels of theft coupled with rampant crime in their stores, and the situation is only...

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Sep 27 8:00 AM, Urner Barry


Retail Sales Rose Sharply in July Amid Prime Day, Back-to-School Sales and Rising Wages

Retail sales reversed their downward trend in July as Prime Day and major promotions by other brands prompted increased shopping while wage increases gave consumers more money to spend, the National Retail Federation said today.

“July retail sales show consumers continue to drive the economy through this period of economic pressure with robust spending supported by steady job growth and wage gains,” NRF President and CEO Matthew Shay said. “Retailers remain focused on providing essential items at competitive prices for families and students as...

 

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Aug 16 9:59 AM, Urner Barry


NRF Economist Says Growth in Consumer Spending is Slowing

U.S. consumers are still buying more than last year, but spending growth is slowing as the economy settles down amid higher interest rates intended to reduce inflation, National Retail Federation Chief Economist Jack Kleinhenz said today.

“The economy was clearly more resilient in the first half of this year than many expected, and the consumer environment has been positive as inflation has slowed,” Kleinhenz said. “Nonetheless, there are ongoing economic challenges and questions, and the pace of consumer spending growth is becoming incrementally slower.”...

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Aug 11 8:29 AM, Urner Barry


Imports Building Toward August Peak as One Labor Dispute Ends But Others Develop

Import cargo volume at the nation’s major container ports is expected to climb toward an August peak this summer, according to the Global Port Tracker report released today by the National Retail Federation and Hackett Associates. But even though a tentative contract agreement has been reached at West Coast ports, retailers are closely following labor disputes at ports in western Canada and a potential Teamsters strike against United Parcel Service.

“We were relieved that labor and management at West Coast ports reached a tentative agreement last month...

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Jul 7 1:59 PM, Urner Barry


Father’s Day Spending Expected to Break Records

According to the National Retail Federation (NRF), records will be broken this Father's Day.

A survey from 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...

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Jun 8 7:51 AM, Urner Barry


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...

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May 17 8:19 AM, SeafoodNews


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 

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May 9 10:07 AM, SeafoodNews


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...

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Apr 28 10:55 AM, SeafoodNews







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