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16/01/2012 -
Cash transactions and credit card processing may slow in 2012, as a new report from the National Retail Federation projects a dip in overall retail sales for the coming year. Specifically, the NRF estimates a 3.4 percent increase in sales, slightly less than the 4.7 percent surge noted in 2011.The slower pace of growth can be attributed to a number of factors. For one, unemployment is expected to remain a core economic concern through this year, despite a recent dip in the jobless rate to the lowest level in nearly three years.
Stagnant wage growth, inflation, weak housing demand, weak consumer confidence and the prospect of a European recession are also expected to check spending activity in 2012.
However, improvements in the auto sector and a number of highly anticipated product releases may drive unforeseen growth.
"Over the last 18 months, retailers have been on the forefront of the economic recovery - creating jobs, encouraging consumer spending and investing in America," said Matthew Shay, president and CEO of the NRF. "Our 2012 forecast is a vote of confidence in the retail industry and our ability to succeed even in a challenging economy."
