WASHINGTON — The National Retail Federation here yesterday projected that retail industry sales — excluding automobiles, gas stations and restaurants — will increase by 2.5% in 2010, after falling by that same amount in 2009.
“As we continue to see signs of improvement throughout the U.S economy in 2010, overall sentiment will begin to lift, making way for slight increases in consumer spending,” said Rosalind Wells, NRF's chief economist. “While we still expect shoppers to continue to be frugal with their discretionary spending, retailers will soon be able to reap the benefits of leaner, smarter inventories and a year and a half of pent-up consumer demand.”
Consumer spending will lag behind overall economic growth, Wells estimates, but will expand at a rate of between 2% and 2.5%.
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