NRF: Retail sales will grow in 2019
The National Retail Federation (NRF) forecasts that retail sales during 2019 will increase between 3.8 percent and 4.4 percent to more than $3.8 trillion despite threats from an ongoing trade war, the volatile stock market and the effects of the government shutdown.
Growth of between 3.8 percent and 4.4 percent would result in total 2019 retail sales of between $3.82 trillion and $3.84 trillion. Based on growth of 10-12 percent, online sales would total between $751.1 billion and $764.8 billion, which are included in the total.
“We believe the underlying state of the economy is sound,” NRF President and CEO Matthew Shay said. “More people are working, they’re making more money, their taxes are lower and their confidence remains high. The biggest priority is to ensure that our economy continues to grow and to avoid self-inflicted wounds. It’s time for artificial problems like trade wars and shutdowns to end, and to focus on prosperity, not politics.”
Shay also responded to President Donald Trump’s State of the Union address, saying:
“Rebuilding the nation’s crumbling infrastructure, modernizing North American trade, advancing commonsense immigration reform, protecting consumer privacy, fostering innovation and promoting workforce development are all areas where Republicans and Democrats can reach across the aisle and get things done — while keeping the government’s lights on. Retailers agree that the state of the U.S. economy is sound and expect American consumers to continue to drive growth in the year ahead. Our top priority is for Congress to focus on areas of common ground in order to keep the economy moving forward.”