The National Retail Federation released its economic forecast for 2017, projecting that retail industry sales, which exclude automobiles, gasoline stations and restaurants, will grow between 3.7 and 4.2 percent over 2016. Online and other non-store/online sales, which are included in the overall number, are expected to increase between 8 and 12 percent.
“The economy is on firm ground as we head into 2017 and is expected to build on the momentum we saw late last year,” NRF President and CEO Matthew Shay said. “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 on taxes, trade and other issues being debated in Congress.