New study indicates that retail industry sales will increase by approximately 4.1 percent in 2015
A new study performed by the National Retail Federation (NRF) indicates that retail industry sales will increase by approximately 4.1 percent in 2015. This is a slight improvement on the 3.5 percent increase in 2014, and continues a trend of economic growth in the retail industry in the years coming out of the recession.
The study doesn’t take into account numbers for spending on gasoline, restaurants, automobiles and other non-store locations. The same organization expects non-store sales to increase between seven and 10 percent by the end of the year.
While energy prices, inflation and global economic growth could all have an impact on whether these numbers turn out to be accurate, there is certainly reason for optimism. There have been some significant stock market gains over the past five years, with the Standard & Poor 500 index having increased by 94 percent in that time, and home values continue to rise. Because of that, personal net worth among consumers is higher than it’s ever been, and consumers have grown confident enough to engage in a little more spending this year.
Another factor is the falling unemployment rate. With the labor market expecting to add an average of around 220,000 jobs per month, and with a million jobs having been added over the past three months alone, the American jobless rate is significantly falling, meaning that the average American has more expendable income. Finally, gas prices continue to be at some of the lowest rates they’ve been in years. In some parts of the country, gas prices dipped way below $2 per gallon by December and January, and they continue to hover at very low and affordable prices. Consumers have been encouraged by these lower prices to spend money elsewhere.
Overall, all of these factors make it a great time for brands of all types to look into ways to expand their sales in the American market. Through smart marketing tactics, you can expose your product to brand new consumers and take advantage of the greater confidence that consumers now have in their ability to spend.
If you would like more information about how to spread the word about your brand and its products to expand your sales, contact us today at NPI. Our team is happy to work with you to get your product noticed on a broader scale.