In its newly-released 2010 economic forecast, the National Retail Federation projects that retail industry sales will increase 2.5% over last year’s totals. According to its quarterly Retail Sales Outlook report, influential economic indicators such as the housing market and employment seem to be showing signs of improvement, fueling modest consumer confidence throughout the upcoming year. In addition, total industry retail sales for 2009 declined 2.5%.
Related figures exclude the retail sales of automobiles, gas stations, and restaurants.
“As we continue to see signs of improvement throughout the U.S economy in 2010, overall sentiment will begin to lift, making way for slight increases in consumer spending,” said NRF Chief Economist Rosalind Wells.
Furthermore, other positive economic contributions are projected to come from trade, especially strong exports, a turnaround in the inventory cycle, and federal government spending. Wells estimates consumer spending will lag behind overall economic growth.
