Drew Dixon
The Florida Retail Federation (FRF) is predicting solid retail growth in 2024 in the Sunshine State as a national projection foretells steady retail sales increases for the remainder of 2024.
The National Retail Federation (NRF) this week released its retail sales forecast for 2024. The report stated that retail sales across America will increase between 2.5% and 3.5% this year. That amounts to a total between $5.23 trillion and $5.28 trillion in retail sales this year.
“The resiliency of consumers continues to power the American economy, and we are confident there will be moderate but steady growth through the end of the year,” NRF President and CEO Matthew Shay said. “Successful retailers offer consumers products and services when, where and how they want to shop with prices they want to pay.”
The FRF was quick to tout the new projection. The report by the NRF speaks to the resiliency of the marketplace in Florida, even though inflation likely will be persistent.
“Despite inflation, shoppers in Florida remain resilient,” noted Scott Shalley, President and CEO of the Florida Retail Federation. “Our retailers are actively finding ways to stretch every dollar for Floridians by offering retail sales and promotions to maximize purchasing power.”
“Florida’s local retailers are committed to helping Florida families receive quality products and customer service at a good value,” Shalley added. “Supporting local retail not only fosters community growth, it also extends a helping hand to our neighbors.”
Inflation is expected to persist in 2024, but the NRF report said the rate of inflation is expected to settle at about 2.2% for goods and services and the labor and product market will likely see a 2.3% rate of inflation for 2024.
While online shopping is an obvious major contributing factor to retail sales, the NRF report said brick-and-mortar stores still account for 70% of retail sales in America.
Given that factor, Florida Retail Federation officials are heavily promoting their “Find It In Florida” public awareness program, which encourages Floridians to do their shopping at Sunshine State retail shops and stores.
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