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Consumers show resilience in July, but outlook still murky, according to NRF |
08.20.2010
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WASHINGTON-Shoppers returned to stores in July as retailers were aggressively promoting back-to-school sales, the National Retail Federation reported.
Retail industry sales for July (which excludes automobiles, gas stations and restaurants) increased 3.1 percent unadjusted year-over-year and also declined 0.2 percent seasonally adjusted month-to-month.
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July retail sales released Aug. 13 by the U.S. Commerce Department show total retail sales (which include non-general merchandise categories such as autos, gasoline stations and restaurants) increased 0.4 percent seasonally adjusted from the previous month and increased 5.4 percent unadjusted year-over-year.
"Household spending remains tepid amid concerns about economic stability," said NRF Chief Economist Jack Kleinhenz. "Current data on the economy is mixed which signals that retailers will continue planning with caution until a long-term trend can be established."
NRF's back-to-school survey, released in July, found that the average family of students in grades K-12 would spend 8.3 percent more on back-to-school this year, from $548.72 to $594.24.
"Retailers are being very aggressive and clever with their back-to-school promotional strategies," said NRF President and CEO Matthew Shay, in a prepared statement. "While we expect consumers to respond favorably to these promotions, sustained growth remains elusive as we look to the economy to add jobs to bolster consumer confidence."
The NRF's global membership includes retailers of all sizes, formats and channels of distribution as well as chain restaurants and industry partners from the U.S. and more than 45 countries abroad.
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