SourcingNov 26, 2024
De Beers Stays With ‘A Diamond Is Forever’ for 2024 Holiday Campaign“Forever Present” highlights gifting opportunities for natural diamonds, celebrating familial, friendship, and romantic relationships.
SurveysFeb 27, 2020
Retail Sales Could Grow As Much As 4% in 2020, NRF Says
A high level of consumer confidence and gains in household income are signs of a strong year ahead, the National Retail Federation said.
Online sales are expected to grow as much as 15 percent to $894 billion in 2020, according to the National Retail Federation’s retail forecast.
Washington—In the face of uncertainty surrounding the coronavirus, ongoing trade negotiations and the upcoming U.S. presidential election, the National Retail Federation is still predicting a strong year for retailers.
Retail sales are expected to climb by up to 4 percent in 2020, totaling more than $3.9 trillion, according to the NRF’s recent forecast.
Online sales, which are included in the total, are expected to grow between 12 and 15 percent to between $870.6 billion and $893.9 billion.
“The nation’s record-long economic expansion is continuing, and consumers remain the drivers of that expansion,” said NRF President and CEO Matthew Shay in a press release announcing the forecast.
Shay pointed to gains in household income and wealth, lower interest rates and strong consumer confidence as signs of a strong year ahead.
While outside factors are “wild cards,” the underlying economic fundamentals are strong, he added.
“Their consumptions habits are based on job security and their level of confidence that they've got a job, that those around them have jobs,” Shay said on a call Wednesday morning discussing the results.
NRF Chief Economist Jack Kleinhenz said: “Consumers remain upbeat and have the confidence to spend, and the steady wage growth that has come with the strong job market is fueling their spending. The state of the consumer is very healthy.”
Retailers specializing in furniture and home products in particular are expected to see a boost, as low interest rates translate to home buying and mortgage refinancing, Kleinhenz noted.
Though disposable income has moderated, inflation has been low, he added, giving consumers the confidence to spend using their credit cards or savings.
Corporate CEOs, however, likely won’t share that confidence, Kleinhenz said, as trade negotiations loom large.
In December, President Donald Trump reached a “phase one” trade agreement with China, which eased trade tensions but did not lead to a comprehensive agreement. Further progress on the agreement could give the economy a boost and contribute to higher corporate spending and hiring, the NRF said.
However, should negotiations turn sour, a trade war escalation would discourage corporate investments, Kleinhenz said.
The U.S. presidential election in November also has the potential to impact retail sales. In an election year, politics tend to dominate the news cycle, making it more difficult for retailers to get media time, Kleinhenz said on the NRF’s call.
As for the coronavirus, the retail forecast assumes it does not become a global pandemic.
The forecast notes that business confidence and retail sales
Retail sales are expected to climb by up to 4 percent in 2020, totaling more than $3.9 trillion, according to the NRF’s recent forecast.
Online sales, which are included in the total, are expected to grow between 12 and 15 percent to between $870.6 billion and $893.9 billion.
“The nation’s record-long economic expansion is continuing, and consumers remain the drivers of that expansion,” said NRF President and CEO Matthew Shay in a press release announcing the forecast.
Shay pointed to gains in household income and wealth, lower interest rates and strong consumer confidence as signs of a strong year ahead.
While outside factors are “wild cards,” the underlying economic fundamentals are strong, he added.
“Their consumptions habits are based on job security and their level of confidence that they've got a job, that those around them have jobs,” Shay said on a call Wednesday morning discussing the results.
NRF Chief Economist Jack Kleinhenz said: “Consumers remain upbeat and have the confidence to spend, and the steady wage growth that has come with the strong job market is fueling their spending. The state of the consumer is very healthy.”
Retailers specializing in furniture and home products in particular are expected to see a boost, as low interest rates translate to home buying and mortgage refinancing, Kleinhenz noted.
Though disposable income has moderated, inflation has been low, he added, giving consumers the confidence to spend using their credit cards or savings.
Corporate CEOs, however, likely won’t share that confidence, Kleinhenz said, as trade negotiations loom large.
In December, President Donald Trump reached a “phase one” trade agreement with China, which eased trade tensions but did not lead to a comprehensive agreement. Further progress on the agreement could give the economy a boost and contribute to higher corporate spending and hiring, the NRF said.
However, should negotiations turn sour, a trade war escalation would discourage corporate investments, Kleinhenz said.
The U.S. presidential election in November also has the potential to impact retail sales. In an election year, politics tend to dominate the news cycle, making it more difficult for retailers to get media time, Kleinhenz said on the NRF’s call.
As for the coronavirus, the retail forecast assumes it does not become a global pandemic.
The forecast notes that business confidence and retail sales
could feel the impact if factory shutdowns in China continue, especially if the delivery of merchandise for the holiday season is affected.
Looking at the overall economy, the NRF expects to see between 150,000 and 170,000 jobs added every month this year, compared with an average of 175,000 last year.
The unemployment rate, which is currently at 3.6 percent, is expected to stay around 3.5 percent.
Gross domestic product is forecast to grow 1.9 percent, down from preliminary estimates of 2.3 percent in 2019.
Looking back to 2019, preliminary results show retail sales were up 3.7 percent year-over-year to $3.79 trillion, falling just short of the NRF’s forecast of 3.8 percent growth.
Looking at the overall economy, the NRF expects to see between 150,000 and 170,000 jobs added every month this year, compared with an average of 175,000 last year.
The unemployment rate, which is currently at 3.6 percent, is expected to stay around 3.5 percent.
Gross domestic product is forecast to grow 1.9 percent, down from preliminary estimates of 2.3 percent in 2019.
Looking back to 2019, preliminary results show retail sales were up 3.7 percent year-over-year to $3.79 trillion, falling just short of the NRF’s forecast of 3.8 percent growth.
More on Surveys
The Latest
AuctionsNov 26, 2024
Christie’s To Auction Collection of Suzanne Belperron JewelsIt’s one of the most impressive assemblages of the French designer’s pieces ever to come to auction, Christie’s said.
ColumnistsNov 26, 2024
The Smart Lab: 7 Strategies for Refining Your Holiday Email Marketing CampaignsSuccessful email marketing campaigns are all about timing, personalization, and compelling CTAs, Emmanuel Raheb writes.
Brought to you by
Navigating Cybersecurity: Essential Guidance for JewelersFrom protecting customer data to safeguarding inventory records, it's crucial to learn how to tackle cybersecurity challenges.
MajorsNov 26, 2024
GIA’s Board of Governors Adds 2 New MembersRetail leader Lisa Bridge and geology professor Dr. Wendy Bohrson joined the organization’s board.
Weekly QuizNov 26, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsNov 26, 2024
Ben Bridge Jeweler Unveils This Year’s ‘Benny Bear’ Look out for a black bear wearing a purple Santa hat and its zippered tummy pouch made for holding a holiday gift from Ben Bridge Jeweler.
SourcingNov 25, 2024
William Goldberg Celebrates 2 Major Milestones With New Book“The William Goldberg Way” was released in honor of the company’s 75th anniversary and 25 years of its proprietary Ashoka diamond.
Brought to you by
Enhance Your Expertise with IGI’s In-Person Courses in NYCThis fall, sharpen your skills in jewelry grading, quality control and diamond assessment.
Lab-GrownNov 25, 2024
Lab-Grown Co. Lusix Sold to 2 Companies for $4M Fenix and Dholakia Lab-Grown Diamonds have jointly acquired the Israel-based company, which grows diamonds using solar power.
IndependentsNov 25, 2024
Sophie Bille Brahe Opens First US StoreThe Danish brand has opened an appointment-only location on Madison Avenue in New York City.
Events & AwardsNov 25, 2024
The Original Miami Beach Antique Show Panel to Feature Fred SavageThe actor and watch enthusiast will be part of the show’s education lineup.
EditorsNov 22, 2024
Out & About: Inside the CD Peacock MansionStep inside the nearly 21,000-square-foot suburban Chicago jewelry store with Editor-in-Chief Michelle Graff.
CollectionsNov 22, 2024
Piece of the Week: Xander Jane’s ‘Spiked’ Pearl StudsThese punk-inspired earrings from the new Canadian brand’s debut collection reveal the alter ego of the classic pearl.
SourcingNov 22, 2024
Facets of Fire Expands to Include Pear, Marquise DiamondsThe company brings its nanotechnology to two new fancy cuts for diamonds that feature its signature color and brilliance.
Supplier BulletinNov 21, 2024
Tasha R Releases 2025 Labbelle Lab Diamond Jewelry CatalogSponsored by Tasha R
AuctionsNov 21, 2024
Gold Watch Gifted to Titanic Rescue Ship Captain Sells for $2MThree Titanic survivors presented him with the personalized Tiffany & Co. timepiece about a year after the tragedy.
MajorsNov 21, 2024
Harris Jewelry Ordered to Reopen Claims Portal for Refund RequestsA federal court found that the jewelry store chain violated terms of the settlement reached after it was accused of defrauding customers.
CollectionsNov 21, 2024
Channel Elphaba in Muse’s ‘Have a Heart x Cynthia Erivo’ CollectionCynthia Erivo chose Dreams of Hope, an organization dedicated to empowering LGBTQA+ youth, as the charity for this year’s collection.
MajorsNov 21, 2024
Rocksbox Opens Pop-Up Store in San FranciscoThe new space was designed to evoke a warm, inviting vibe.
IndependentsNov 21, 2024
Mary Moses Kinney Is Now Part of The Edge’s Team Kinney, who spent nearly 30 years at IJO, has been hired to head Abbott Jewelry Systems’ new virtual marketplace.
CrimeNov 20, 2024
Sotheby’s to Pay $6.25M Settlement to NY State for Alleged Tax FraudThe auction house was accused of helping clients avoid paying taxes on millions of dollars’ worth of art purchased from 2010 to 2020.
Events & AwardsNov 20, 2024
Kering Debuts New Jewelry Award With Sustainability FocusThe four finalists will present their pieces at the 2025 JCK Las Vegas show.
CollectionsNov 20, 2024
Pamela Love Channels Surrealist Artists in New CollectionThe “Camera Oscura” collection showcases earring designs celebrating female Surrealist artists Claude Cahun and Leonor Fini.
Policies & IssuesNov 20, 2024
Columbia Gem House Raises $10K for Reforestation EffortsThe money will fund the planting of 10,000 trees in critical areas across Oregon, Arizona, Montana, and other regions.
Events & AwardsNov 20, 2024
The Jewelry Symposium Opens Registration, Scholarship ApplicationsThe event centered on advancing jewelry manufacturing technology will return to Detroit in May 2025.
CrimeNov 19, 2024
Woman Killed in Armed Robbery of Sacramento Jewelry StoreLocal reports identified the woman as the wife of the jewelry store owner.
AuctionsNov 19, 2024
‘A Tsar’s Treasure’ Fetches $2.9M at Sotheby’s Jewelry SaleA collection of pieces owned by Ferdinand I, the first king of modern Bulgaria, and his family, blew away estimates in Geneva last week.
