Job and income growth to drive US retail sales up in 2017

By

Edina Sultanik

Published
Mar 28, 2017

A report released by the National Retail Federation, the world’s largest retail trade association, is forecasting significant growth in 2017 retail sales.  The company predicts that employment and wages growth alongside low debt will help increase 2017 retail sales between 3.7 and 4.2 percent over 2016.
 

Supporting this prediction is a study done by the Global Port Tracker, which monitors the US’s busiest ports. The report  found that imports at the nation’s major retail container ports should see double-digit year-over-year increases for the next two months as a growing economy increases the demand for affordable merchandise.
 
“Consumers are spending more freely and retailers are stocking up for the spring and summer seasons,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “Merchants are making sure they are prepared to meet growing demand, and imports are essential to providing American families with the products they need at prices they can afford.”

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With Easter coming up next month, the NRF is predicting a sunny outlook.  With the holiday coming three weeks later than it did last year, people have more time to shop, and spending for Easter is expected to reach an all-time high of $18.4 billion, up 6 percent over last year’s record $17.3 billion.