Retail sales are expected to grew between 4.1% this year, up 17% over 2014. It represents the biggest annual growth since 2011 when retail sales for the year increased 5.1%.
The National Retail Federation also says it expects non-store sales in 2015 to grow between 7% and 10%.
The four major contributing factors:
1. A baseline outlook for growth in the economy as measured by GDP is expected to land between 2.7 and 3.2 percent over last year;
2. Growth in the labor market should average between 220,000 – 230,000 new jobs per month throughout the year;
3. Unemployment is expected to drop to 5 percent by year’s end;
4. Gains in equities and housing have boosted net worth to record levels, helping consumers feel more confident about household spending.
Additionally, January retail sales released by the National Retail Federation, which excludes automobiles, gas stations and restaurants, increased 0.2 percent seasonally adjusted month-to-month and 3.7 unadjusted year-over-year. Today’s results confirm holiday sales growth of 4 percent.
The U.S. Commerce Department reported January retail sales decreased 0.8 percent over the previous month seasonally adjusted, and increased 3.3 percent unadjusted year-over-year.
For more data on Retail Sales access CardData®. For information and commentary on Retail Sales visit the searchable CardFlash® Library of more than 58,000 articles published since 1995. RAM Research® forecasts on Retail Sales are available exclusively through CardWeb.com.®