Home / Knowledge / News / Luxury goods & online shopping to feel pressure
Luxury goods & online shopping to feel pressure
16
Jan '08
The National Retail Federation released its 2008 economic forecast, predicting that retail industry sales (which exclude automobiles, gas stations, and restaurants) will increase 3.5 percent from last year.

According to its quarterly Retail Sales Outlook report, released this morning at NRF's 97th Annual Convention & EXPO, NRF expects the slow pace in sales growth to continue before picking up in the second half of the year.

“Consumers will be under financial stress from high energy costs, the fallout from the housing slump, and sluggish employment and income growth,” said NRF Chief Economist Rosalind Wells.

“Shoppers will seek to pay down debt, spend more in line with income growth, and approach discretionary purchases with more restraint.”

While the outlook is somewhat reserved, Wells expects sluggish first half sales to eventually give way to stronger sales in the third and fourth quarters.

NRF expects industry sales to increase 3.2 percent in the first half of the year followed by a 3.8 percent increase in the second half as economic conditions improve.

“Retailers will once again be forced to market to more practical consumers, many of whom will be looking to trade down,” said Wells.

“Even areas of past high growth like luxury goods and online shopping will feel the pressure. In 2008, the challenges will be formidable for everyone.”

National Retail Federation

Must ReadView All

Textiles | On 21st Feb 2017

Net profit at Indorama Ventures zooms 145% in 2016

Net profit at Thailand headquartered and Aloke Lohia led Indorama...

Information Technology | On 21st Feb 2017

ThreadSol launches IntelloBuy & IntelloCut in Vietnam

ThreadSol, the pioneer of enterprise material management for sewn...

Textiles | On 21st Feb 2017

GST to reduce documentation for logistics firms: CBRE

The Goods and Services Tax (GST) is likely to result in a reduction...

Interviews View All

Riddhika Shah
SS Homme

'Worsted wool is the ideal fabric for menswear'

Spokesperson
Hugo Boss

'Hugo Boss works with carefully selected sourcing partners'

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
February 2017

February 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search