Staff Reports
Retailers are expecting a substantial jump in sales over last year.
A new forecast from the National Retail Federation predicts an increase between 3.5% and 4.1%, for a total of more than $3.9 trillion in sales in 2020.
The estimate portends stable year-over-year growth. By comparison, retailers’ nationwide rake measured in at $3.79 trillion in 2019, a 3.7% increase over the 2018 haul.
There’s no caveat for recent the economic dip — NRF and its Sunshine State affiliate, the Florida Retail Federation, said the predictions come despite recent external factors, such as the health issues surrounding coronavirus, the presidential election, and lingering trade issues and tariffs.
FRF touted the numbers in a Thursday news release.
“We are grateful to have the confidence of the Florida consumer, and we are optimistic about the year ahead,” said Scott Shalley, President and CEO of FRF.
“Florida retailers stand ready to meet this increased demand with quality products and services at great prices. Most importantly, Florida retailers are eager to provide the friendly and excellent customer service that keep our consumers coming back for more.”
Increases in household income and wages, modest inflation, consistently strong consumer confidence and lower interest rates all factor into the increase, but job growth plays the biggest role.
In 2020, the economy stands to gain between 150,000 and 170,000 jobs per month, compared with an average of 175,000 in 2019. Unemployment — which is currently 3.6% nationally and 3.0% in Florida — is expected to remain at a record low.
