Recent news reports predict retail will rebound with Back-To-School sales presenting a bright spot for retailers.
According to retail consultant Customer Growth Partners back-to-school sales growth will accelerate to 4.1% from 3.6% last year, projecting total sales of $564 billion. Additionally, the forecast covers all Census Bureau retail categories, except for cars, gasoline, restaurants, food and beverages, and home improvement.
Disposable income, the biggest retail driver, is up and personal savings are starting to normalize. It is also important to note that 50% of all working-age adults have full-time jobs, compared with 48% at the same time last year.
Online retail will be the standout category with growth projected at 10.9%, but despite falling sales at most department stores, apparel should post a modest rebound in growth to nearly 2%. The hot fashion items for fall are high-waisted, distressed jeans, off the shoulder tops, and athletic wear.