The prediction for retail sales this year was brought down by the National Retail Federation after the U.S. government made adjustments to personal income and consumer expenditures. The corrected forecast is 3.2% to 3.8%, which is lower than the previous 3.7% to 4.2% growth given back in February.
The industry organization stated that lower spending than anticipated in the first three months of the year together with slowing inflation also had their effect on the revision, though it’s expected that autumn and further holidays are going to bring more robust sales.
In 2016, customers made purchases for $658.3 bln throughout the holiday season, which spans from Thanksgiving Day to the beginning of January, surpassing National Retail Federation’s growth forecast. No figures for online sales were released by the organization this time, though last year their share in the increase was significant.
This data could possibly upset American retailers, who had a hard time trying to ramp up sales at the time when customers rarer visit shopping centres, crave for discounts and prefer online shopping as they find it more handy.