Retail Sales Will See Strong Increases in 2018, NRF Forecast Predicts

A report by the National Retail Federation (NRF) projects that retail industry sales will grow between 3.8 and 4.4 percent over 2017, the association announced in a press release Thursday morning. Online and “other non-store sales” are expected to experience an increase over 10 percent in 2018, the report found.

Retail sales experienced an increase of 3.9 percent in 2017, per preliminary U.S. Census Bureau estimates, well outpacing NRF’s 3.2-3.8 percent increase estimate.

“Despite headlines to the contrary, the retail industry is strong, growing and meeting consumer demand with the products they want at the prices they expect and the shopping experience they want to have, online or in store,” said Matthew Shay, NRF President and CEO, in a release. “With consumer confidence high, unemployment low and wages growing, there is every reason to believe that retail sales will be robust throughout the year.”

Retail sales totaled $3.53 trillion in 2017, the release said, and favorable macroeconomic trends will help retailers continue steady growth.

“As the retail industry continues to transform, retailers will leverage the new tax plan to invest in their employees, stores and new formats that engage with the ever-evolving and demanding consumer,” added NRF Chief Economist Jack Kleinhenz.

The numbers exclude automobile sales, gasoline stations and restaurants, the release noted. Read the full NRF report here.