The announcement coincided with its full-year results, with growth driven by its jewelry brands.
NRF Predicts Retail Sales Will Grow 4% This Year
Despite an element of political uncertainty, the National Retail Federation expects retail industries to fare better in 2017.
Washington--The National Retail Federation has predicted that retail sales will increase between 3.7 percent and 4.2 percent in 2017.
Online sales and non-store/online sales are expected to increase between 8 and 12 percent, a figure that is included in the overall 3.7-4.2 percent prediction.
“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.”
NRF’s Chief Economist Jack Kleinhenz said: “It is clear that online sales will continue to expand in 2017 and provide growth for the retail industry. But it is important to realize that virtually every major retailer sells online and many of those sales will be made by discount stores, department stores and other traditional retailers. Retailers sell to consumers however they want to buy, whether it’s in store, online or mobile.”
NRF stated that the economy should provide 160,000 new jobs a month in 2017, which is slightly down from last year, and unemployment should drop to 4.6 percent by the end of the year.
The retail trade association expects overall economic growth to be at about 1.9 to 2.4 percent for the year.
Shay and Kleinhenz also spoke on the economic ramifications of having a new administration in the White House.
“This year is unlike any other,” said Shay. “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 on taxes, trade and other issues being debated in Congress.
“Lawmakers should take note and stand firm against any policies, rules or regulations that would increase the cost of everyday goods for American consumers.”
Kleinhenz added, “Prospects for consumer spending are straightforward--more jobs and more income will result in more spending. Regardless of sentiment, the pace of wage growth and job creation dictate spending.
“Our forecast represents a baseline for the year, but potential fiscal policy changes could impact consumers and the economy. It seems unlikely that businesses will notably increase investment until tax reform and trade policies are well-defined.”
The NRF represents most traditional retail industries, including non-store sales, discounters, department stores, grocery stores, specialty stores and auto parts and accessories stores.
However, the
The Latest
Looking ahead, the retailer said it sees “enormous potential” in Roberto Coin’s ability to boost its branded jewelry business.
Jewelry trade show veterans share strategies for engaging buyers, managing your time effectively, and packing the right shoes.
Despite the rising prices, consumers continue to seek out the precious metal.
This little guy’s name is Ricky and he just sold for more than $200,000 at Sotheby’s Geneva jewelry auction.
Though its website has been down for a week, Christie’s proceeded with its jewelry and watch auctions on May 13-14, bringing in nearly $80 million.
Despite the absence of “The Allnatt,” Sotheby’s Geneva jewelry auction totaled $34 million, with 90 percent of lots sold.
Tradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
Lilian Raji gives advice to designers on how to make the most of great publicity opportunities.
The mining company wants to divest its 70 percent holding in the Mothae Diamond Mine in an effort to streamline its portfolio.
Why do so many jewelers keep lines that are not selling? Peter Smith thinks the answer lies in these two behavioral principles.
The “Argyle Phoenix” sold for more than $4 million at the auction house’s second jewels sale.
The annual list recognizes young professionals making an impact in jewelry retail.
Owner David Mann is heading into retirement.
While overall sales were sluggish, the retailer said its non-bridal fine jewelry was a popular choice for Valentine’s Day.
The mining giant also wants to offload its platinum business as part of an overhaul designed to “unlock significant value.”
Christie's is selling one of the diamonds, moving forward with its Geneva jewelry auction despite the cyberattack that took down its website.
The ad aims to position platinum jewelry as ideal for everyday wear.
Retailers can customize and print the appraisal brochures from their store.
The move follows a price-drop test run in Q4 and comes with the addition of a “quality assurance card” from GIA for some loose diamonds.
The site has been down since Thursday evening, just ahead of its spring auctions.
The late former U.S. Secretary’s collection went for quadruple the sale’s pre-sale estimate.
Three fifth graders’ winning designs were turned into custom jewelry pieces in time for Mother’s Day.
Kimberly Adams Russell is taking over the role from her father, David Adams, marking the third generation to hold the title.
As a token of womanhood, this necklace depicts when Venus was born from the sea.
The deal gives the retailer control over the distribution of Roberto Coin jewelry in the U.S., Canada, Caribbean, and Central America.
Show your mother some love with a piece of fine jewelry.