Scholarship applications are being accepted now, and the window for the grant will open in May.
NRF Predicts Holiday Retail Sales Increase of Up to 4%
The National Retail Federation cited economic growth and improved consumer confidence in releasing its annual November-December forecast.
Washington--Talk about the 2017 holiday season has officially begun, and if the National Retail Federation’s prediction holds true, it could be a good one for retailers.
The trade association released its holiday sales forecast Tuesday morning, stating that it expects retail sales in November and December--excluding automobiles, gasoline and restaurants--to increase between 3.6 and 4 percent for a total of $678.75 billion to $682 billion.
Such growth would meet or exceed last year’s increase of 3.6 percent and the five-year average of 3.5 percent.
(This is the first time the NRF has announced the forecast as a range rather than as a single fixed percentage, which it said was due to the recent hurricanes. While they are not expected to have a significant long-term effect on the economy, the association said they still have had enough of an impact on economic indicators to make it difficult to make a more precise forecast.)
The estimated growth for the 2017 holiday season was based on a number of factors, beginning with the strength of the economy.
NRF President and CEO Matthew Shay said on a conference call Tuesday morning that while the recent economic growth of about 2 percent is “not as robust” as they’d like to see, it still has been a solid performance. He added that it continues to expand at a steady-but-modest pace.
Chief Economist Jack Kleinhenz echoed these sentiments, noting that while unemployment and consumer spending will be “clouded” by the effects of the hurricanes, he still expects spending to increase and for there to be continued gains in employment and wages.
Additionally, Shay referenced the strength of the consumer as one of the reasons for predicted growth in sales: “We continue to see the consumer doing, really, a substantial portion of the heavy lifting in economic growth by keeping the economy moving forward.”
He cited the fact that retailers are learning how to better connect with consumers across all channels as a third reason for the prediction of a year-over-year sales increase.
Also, because of the way the calendar lines up this year, with Thanksgiving on Nov. 24 and Christmas Day falling on a Monday, there will be an extra weekend in the season for shopping.
RELATED CONTENT: The 10 Days Predicted to be the Busiest This Holiday SeasonHe noted that while the Consumer Sentiment Index showed a slight decline in September after a seven-month
Along with job creation, improved wages and an increase in net worth, these factors are creating conditions for confidence in spending and investing.
Competition and Price Sensitivity
Along with reasons why they expect growth in retail sales during the two-month holiday shopping period, the NRF also spoke about the trends expected to have an impact on the season.
For the past few years, and to no one’s surprise, Shay said they have seen that consumers are different in the post-Great Recession era.
Pricing, Shay said, is a “very significant indicator of spending.”
He added that consumers will be very price sensitive and that they expect it to be a critical factor for consumers as they make decisions about retail spending this holiday season.
And with the level of transparency that exists in the marketplace among competitors and the ability of consumers to “price shop” instantaneously, retailers will need to keep an even closer eye on each other’s promotions and offers, and on consumer shopping behaviors, so they can best deliver the product at the right prices and on the right channels.
This has to happen because, ultimately, the consumer will stay “pragmatic, looking for value, looking for price and certainly looking for convenience,” Kleinhenz said.
The Latest
She is remembered by loved ones as a “guiding force” behind the store and an active presence in her community.
The emerald earrings reference objects from designer Melinda Zeman’s childhood.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
The report shows that couples are searching for vintage and antique rings, gold jewelry, pearls, and colorful pieces.
He’s remembered as a “font of passion,” leaving behind a legacy of dedication to his craft and community.
The first one will take place next month during the Jewelers of Louisiana’s and Mississippi Jewelers Association’s conventions.
Ho Brothers offers scalable solutions for the future of custom jewelry.
The redesigned boutique features interactive displays and a workshop space for hands-on learning about watchmaking.
There is a willingness to comply with new government-mandated regulations, with an insistence that they should be practical and realistic.
A combination of factors is driving growth in the industry despite the precipitous drop in prices across the board.
The zone’s modernization will enhance and increase India’s jewelry manufacturing capabilities while aiding small and mid-sized businesses.
By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.
The company plans to invest $25 million in marketing initiatives to boost awareness around its namesake and licensed brands.
The former WJA executive director is MFM’s new managing director.
DDG encourages retailers to educate customers on the positive impact of purchasing natural diamonds.
Highlighting the most iconic Tiffany collections, it’s inspired by the company’s late window designer, Gene Moore.
Jen Cullen Williams and Duvall O’Steen explore how jewelers can save time and money by using AI to analyze engagement and create content.
The retailer previously turned down an $8.4 billion offer in 2018.
The Florida store’s owner Miguel Gonzalez is retiring.
The lab stresses the importance of accurate identification, as the difference in price is “substantial.”
The brand also plans to expand its retail footprint from 138 to 200 stores over the next three years.
One is reserved for a NAJA member, the other for a non-member.
Longtime employees Carie Lehrke and Megan Mattice have received promotions.
Three guests joined National Jeweler and Jewelers of America to discuss trending time periods, spotting reproductions, and more.
Chris Clipper and Robert Lepere join the company with 50 years of combined experience.
The trendy, metallic earrings wink at classic spring colors.