The National Retail Federation is forecasting a 3.4 percent increase in retail sales during 2012.
The retail trade association is predicting sales of $2.53 trillion, excluding restaurant sales and the purchase of gas and automobiles, according to a news release.
“Over the last 18 months, retailers have been on the forefront of the economic recovery – creating jobs, encouraging consumer spending, and investing in America,” NRF President and CEO Matthew Shay said in the release. “Our 2012 forecast is a vote of confidence in the retail industry and our ability to succeed even in a challenging economy."
NRF's prediction is slightly lower than the 4.7 percent sales growth posted in 2011.
Several other predictions by the NRF contributed to its 2012 forecast:
- a slowly lowering jobless rate;
- moderate growth in income;
- a slight improvement in home sales and construction;
- rising gas prices;
- easier lending standards expanding consumer credit; and
- a volatile, but increasingly positive, consumer confidence scale.
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