Members of Generation Z influence a significant amount of household purchases and enjoy spending their own money, according to the latest issue of the Consumer View report released by the National Retail Federation.
The National Retail Federation will gather leaders in retail, technology and business at its 109th annual convention in New York City in January.
The National Retail Federation said it expects holiday retail sales during November and December to increase between 3.8% and 4.2% over 2018 to a total of between $727.9 billion and $730.7 billion.
Retail sales were up 0.4% in August seasonally adjusted from July and up 4.6% unadjusted year-over-year, reported the National Retail Federation. The numbers exclude automobile dealers, gasoline stations and restaurants.
Imports at the nation’s major retail container ports remained strong in August as retailers and product suppliers looked to beat a new wave of tariffs that took effect September 1.
Retail sales were up 0.9% in July seasonally adjusted from June and up 5.6% unadjusted year-over-year, according to the National Retail Federation. The numbers exclude automobile dealers, gasoline stations and restaurants.
Despite continued concerns about the impact of tariffs on prices of consumer products, shoppers started the summer season by opening their wallets.
The flow of imports at the nation’s major ports is expected to remain strong, according to the National Retail Federation, but growth in the months ahead is expected to be modest compared to 2018 given the rush last year to beat tariffs.
The National Retail Federation has reported that retail sales, excluding automobile dealers, gasoline stations and restaurants, rose 0.5% in May seasonally adjusted from April and 3.2% unadjusted year-over-year.
Spending on gifts for Father’s Day is expected to set a new record this year, according to a survey from the National Retail Federation.
The shift of the Easter and Passover holidays from March to April this year gave retail sales for the year’s fourth month a boost, according to the National Retail Federation.
Several housewares and home goods categories are in the crosshairs of a potential next round of 25% tariffs that could be imposed by the Trump administration on an additional $300 billion in Chinese-made goods. This follows the 25% tariffs that were imposed on $200 billion worth of Chinese-made products that went into effect on Friday, May 10.
With President Trump saying he plans to both increase and broaden tariffs on goods from China, imports at the nation’s major retail container ports are expected to see unusually high levels the remainder of this spring and through the summer, according to the monthly Global Port Tracker report released by the National Retail Federation and Hackett Associates.
President Donald Trump has threatened to move forward with a 25% hike in tariffs on $200 billion of Chinese imports this Friday, May 10, ahead of a meeting between U.S. and Chinese trade officials that was scheduled for this week in Washington, D.C.
Retail sales in March were up and the growth has buoyed optimism that consumers will continue spending in the months ahead.
U.S. retail sales growth through the early part of the year remained solid as February saw year-over-year gains, the National Retail Federation said.
Imports at the nation’s major ports of entry continued to see solid growth through the end of 2018 and into 2019, according to figures from the National Retail Federation.
Following a solid holiday season, retail sales in January were up 3.6% year-over-year, according to figures from the National Retail Federation.
Imports at the nation’s major retail container points, while down from records highs this past fall, remain strong as retailers look to stay ahead of a possible tariff increase on Chinese made goods in March.
Despite issues including the U.S./China trade war, a volatile stock market and the effects of the government shutdown, the NRF is forecasting sales to increase between 3.8% and 4.4%.