Online retail sailes are expected to increase 8 to 12 percent in 2017, according to the 2017 economic forecast by the National Retail Federation (NRF).
The retail trade association projects that retail sales will grow between 3.7 and 4.2 percent over 2016. Online and other non-store/online sales are included in the overall number.
“The economy is on firm ground as we head into 2017 and is expected to build on the momentum we saw late last year,” said NRF president and CEO Matthew Shay. “With jobs and income growing and debt relatively low, the fundamentals are in place and the consumer is in the driver’s seat. But this year is unlike any other – while consumers have strength they haven’t had in the past, they will remain hesitant to spend until they have more certainty about policy changes …
“Lawmakers should take note and stand firm against any policies, rules or regulations that would increase the cost of everyday goods for American consumers.”
Online retail sales are increasing. “It is clear that online sales will continue to expand in 2017 and provide growth for the retail industry,” said NRF chief economist Jack Kleinhenz. “…Virtually every major retailer sells online ... Retailers sell to consumers however they want to buy, whether it’s in-store, online or mobile.”
Additional Economic Insights:
- Unemployment is expected to drop to 4.6 percent by the end of the year.
- Economic growth is likely to be in the range of 1.9 to 2.4 percent.
- The forecast is a baseline, and does not take into account new fiscal measures pending in Washington.
Retail industry sales as defined by NRF include most traditional retail categories including non-store sales, discounters, department stores, grocery stores, specialty stores, and auto parts and accessories stores but exclude sales at automotive dealers, gasoline stations and restaurants. Non-store/online sales include online sales, kiosks, catalogs, etc. and are a breakout of the overall number. The numbers exclude restaurant and auto sales.
TGR file photo, courtesy of ThePlate Boutique