Revving 'the Engine' ; Surprise Spending Delights Retailers
The Record, Bergen County, NJ › January 18, 2005
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Summary
The nation's leading retail group warned Monday that 2005 will be a tough sell compared to 2004, but it added a hopeful message: Never underestimate the power of the American consumer to spend more than expected.
That adage proved true in 2004 when total U.S. sales rose 6.7 percent to $4.1 trillion, according to the National Retail Federation. The NRF had predicted a rise of only 5 percent for the year due to what seemed like a lackluster holiday shopping pace. For 2005, the NRF is predicting sales growth of 3.5 percent. If that prediction holds true, 2005 will be the weakest sales increase since 2001.See the full content of this document
Extract
Revving 'the Engine' ; Surprise Spending Delights Retailers
But NRF economist Rosalind Wells said consumers have often proven pessimistic predictions wrong.
"That good old consumer had no restraint" in 2004, Wells said Monday at NRF's annual conference, which opened Sunday and runs through Wednesday at the Jacob Javits Convention Center....See the full content of this document
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