US retail sales are set to fall 0.5% in 2009, according to the latest data from the National Retail Federation.
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The NRF said it sees “more challenges ahead” for US retailers as consumers continue to look to spread their dollars further.
“Most of the consumer behaviour we saw in 2008 will continue well into this year,” said NRF chief economist Rosalind Wells. “Shoppers will be seeking value and trading down to discount and off-price retailers in order to stretch their purchasing power.”
According to the NRF’s forecast, retail sales are set to decline by 2.5% during the first half of 2009. There will be some improvement during the third quarter of the year, the NRF said, with an estimate that sales would fall 1.1%.
However, retail sales are expected to rise 3.6% during the last three months of the year as the economy strengthens and against an “easy comparison” to 2008 figures.
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