The National Retail Federation has lowered its retail sales forecast for 2014, but expects sales to grow significantly faster over the next five months.
Families will spend slightly more on back-to-school items than last year, according to the National Retail Federation’s 2014 Back-to-School survey.
The National Retail Federation estimates that food sales will reach $6.2 billion ($68.16 per household) this Independence Day.
As the retail sector continues to evolve, brand licensors have to keep abreast of retail trends in order to maximize all opportunities.
Despite nicer spring weather, consumers tempered their spending in the month of April, according to the National Retail Federation.
Warmer spring weather spurred continued consumer spending this March, according to the National Retail Federation.
Consumers will welcome the Easter Bunny with open arms this year with total spending on the holiday expected to reach $15.9 billion.
American consumers powered through the winter weather lifting retail sales in February.
Spending has leveled off in the beginning of the year due in part to severe winter weather in much of the country.
The National Retail Federation anticipates “continued, measured growth” in retail sales this year, as much of the issues that caused volatility in 2013 have been resolved.
Retail sales increased in the month of August but came in at a much slower pace than anticipated, according to the National Retail Federation.
The National Retail Federation expects sales in the months of November and December to increase 3.9 percent to $602.1 billion.
The National Retail Federation’s figures indicate broad sales gains in most retail sectors in September.
More than 50 percent of holiday shoppers have already begun their search and more consumers than ever before will turn to gift cards this year.
Classic toys like LEGO and Barbie are still at the top of children’s wish lists this year, but non-traditional items are also in demand.
©2014 ADVANSTAR COMMUNICATIONS INC. All rights reserved.