In the face of sluggish global growth and uncertainty over the presidential election, the retail industry's trade organization sees signs that the positive trends influencing consumer spending are out muscling the negative.
As such, the National Retail Federation on Tuesday raised its full-year sales forecast to 3.4 percent growth, up slightly from its previous expectation for a 3.1 percent lift. It cited improvements in the housing market, job growth and higher wages as three factors that should boost consumer sentiment through the end of the year.
A larger-than-expected lift in online sales is likewise expected to drive additional growth, with the NRF now calling for a 7 to 10 percent increase in digital revenue. That compares with its prior forecast for a 6 to 9 percent lift.
"Economic indicators are showing positive trends for retail," NRF President and CEO Matthew Shay said in a news release. "Challenges remain, with some greater than others depending on the retail category, but consumer confidence remains high."...
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