The National Retail Federation Wednesday said 2014 retail sales will be lower than expected, but will spring into action in the second half of the year. It estimates 3.6% growth this year, under its previous forecast of 4.1%.
Meanwhile, consumer confidence worldwide rose to the highest level since Q1 seven years ago, according to a report by consumer research company Nielsen.
Consumer confidence increased six points in the U.S., according to Nielsen, but continuing that improvement will depend on a “further strengthening of the job market, which is vital for increased consumer spending,” according to Nielsen/The Cambridge Group chief economist Dr. Venkatesh Bala.
Even amidst chatter these days about a “retail funk,” these studies show that consumer confidence is growing, or at least has a lot of potential going into the second half of the year and the crucial holiday season.