NRF'S State of Retail & the Consumer Announced its Annual 2023 Retail Forecast, Focused on Inflation, the Labor Market & More
MARCH 31, 2023
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(202) 680-9262
Tallahassee, FL – The Florida Retail Federation (FRF) announced today that 2023 is poised to see retail sales growth despite concerns over inflation. A forecast report released this week by the National Retail Federation forecasted retail growth between 4% and 6% this year, amounting to between $5.13 trillion and $5.23 trillion in sales.
"Retailers continue to find ways to help Floridians get more out of their hard earned money," shared Scott Shalley, president and CEO of the FRF. "Many shoppers are taking advantage of retail sales and promotions due to the lingering impacts of inflation. Floridians can help support their communities and neighbors by shopping at local retailers. Our local stores are committed to providing Florida families with the best value possible."
Despite inflation remaining between 3% and 3.5% on goods and services this year, the report reveals the pressure should trend down beyond this year. The impacts of inflation could have contributed to the nation's slowed economic growth. The estimated full-year GDP growth is at 1% for 2023 compared to the 2.1% increase in 2022.
The annual retail sales forecast incorporates nationwide employment trends, wages, consumer confidence, disposable income, consumer credit and previous retail sales. In order to focus on "core retail" sales, the forecast excluded the retail sales of automobile dealers, gas stations and restaurants.
Despite the nation's resilient labor market, the report reveals a deceleration in job growth nationwide as a result of slower economic activity. Estimates reveal that the national unemployment rate could exceed 4% before next year.
Non-store and online sales are also included in the forecast total, expecting growth between 10% and 12% in 2023, totaling between $1.41 trillion to $1.43 trillion. Yet brick-and-mortar retail stores still remain a permanent fixture in the retail industry. The forecast accounts for the physical stores as the primary point of purchase for over 70% of retail sales.
The Florida Retail Federation encourages shoppers to "Find It In Florida" and shop at local retailers. Supporting Florida retailers helps boost the local economy and support jobs in the community. Learn more about the "Find It In Florida" program at the website.
For more information on the 2021 Retail Sales Forecast of the National Retail Federation, visit: https://nrf.com/media-center/press-releases/nrf-forecasts-2023-retail-sales-grow-between-4-and-6.
ABOUT THE FLORIDA RETAIL FEDERATION
The Florida Retail Federation is the statewide trade association representing retailers -- the businesses that sell directly to consumers. Florida retailers contribute $239 billion to the economy every year and support 3.6 million jobs for Florida families, or nearly one-third of all jobs in the state. Florida retailers pay more than $69 billion in wages annually and collect and remit more than $35 billion in sales taxes for Florida’s government each year.
ABOUT THE NATIONAL RETAIL FEDERATION
The National Retail Federation, the world’s largest retail trade association, passionately advocates for the people, brands, policies and ideas that help retail thrive. From its headquarters in Washington, D.C., NRF empowers the industry that powers the economy. Retail is the nation’s largest private-sector employer, contributing $3.9 trillion to annual GDP and supporting one in four U.S. jobs – 52 million working Americans. For over a century, NRF has been a voice for every retailer and every retail job, educating, inspiring and communicating the powerful impact retail has on local communities and global economies.
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FOR IMMEDIATE RELEASE
JANUARY 31, 2023
CONTACT: This email address is being protected from spambots. You need JavaScript enabled to view it. (202) 680-9262
Tallahassee, FL – No broken hearts this Valentine's Day, as retailers anticipate a nearly 10% increase in per-person spending this year as shoppers plan to spend $192.80 on average, according to the Florida Retail Federation.
"Shoppers are excited to celebrate the meaningful relationships in their lives this Valentine's Day," said Scott Shalley, president and CEO of the Florida Retail Federation. “Florida retailers are ready to help find the perfect gift for your loved ones. Whether it's a friend, partner, spouse or family member, you can 'Find It In Florida' and discover the perfect way to say 'I love you'."
2023 marks the second-highest year on record for Valentine's Day since 2004. A recent survey from the National Retail Federation reveals that the special holiday occasion has consumers embracing spending on friends and loved ones with a forecast of $26 billion, up from $23.9 billion last year.
With more than half (52%) of consumers planning to partake in the festivities, the focus of Valentine's Day has expanded beyond significant others and family members with shoppers looking to honor the other meaningful relationships in their lives.
As the average shopper plans to spend more this year, the $17 per-person increase from $175.41 the previous year is attributed to additional gift purchases for pets, friends, co-workers and classmates.
Over half of Floridians plan to purchase their gifts online (35%) or at a department store (34%), while others will shop at discount stores (31%) or specialty stores (18%).
The top five Valentine's Day gifts shoppers plan to buy this year include:
While more than a quarter (32%) of shoppers plan to gift a special experience, more than $5.5 billion is forecasted to be spent on jewelry and $4.4 billion spent on a special night out.
While shoppers look for the perfect Valentine, "Find It In Florida" and shop local retailers. Supporting local retail boosts the local economy and supports community businesses. Learn more about the "Find It In Florida" program at the website.
For more information on the predictions of the National Retail Federation, visit: https://nrf.com/media-center/press-releases/consumers-plan-increase-valentines-day-spending-nearly-26-billion
ABOUT THE FLORIDA RETAIL FEDERATION
The Florida Retail Federation is the statewide trade association representing retailers -- the businesses that sell directly to consumers. Florida retailers contribute $239 billion to the economy every year and support 3.6 million jobs for Florida families, or nearly one-third of all jobs in the state. Florida retailers pay more than $69 billion in wages annually and collect and remit more than $35 billion in sales taxes for Florida’s government each year.
ABOUT THE NATIONAL RETAIL FEDERATION
The National Retail Federation, the world’s largest retail trade association, passionately advocates for the people, brands, policies and ideas that help retail thrive. From its headquarters in Washington, D.C., NRF empowers the industry that powers the economy. Retail is the nation’s largest private-sector employer, contributing $3.9 trillion to annual GDP and supporting one in four U.S. jobs – 52 million working Americans. For over a century, NRF has been a voice for every retailer and every retail job, educating, inspiring and communicating the powerful impact retail has on local communities and global economies.
FOR IMMEDIATE RELEASE
NOVEMBER 22, 2022
CONTACT: This email address is being protected from spambots. You need JavaScript enabled to view it.
(202) 680-9262
Tallahassee, FL – With Thanksgiving just around the corner, the Florida Retail Federation (FRF) announced more people than ever will participate in holiday shopping between Thanksgiving through Cyber Monday. A recent survey revealed that an estimated 166.3 million shoppers will head to the store, a nearly 8 million increase in shoppers over 2021.
"Floridians who are feeling the impacts of inflation and looking to cut costs this holiday season can 'Find It In Florida' and save on purchases at their local retailers," said Scott Shalley, president and CEO of the Florida Retail Federation. “With a record-breaking amount of shoppers expected, our Florida retailers have staffed up stores to help you save while you fulfill your holiday shopping list."
Over two-thirds (69%) of consumers plan to shop during Thanksgiving weekend. An increase in in-store traffic during the Thanksgiving holiday can be attributed to customers looking to take advantage of value pricing. Most plan to take advantage of Black Friday savings with 69% (114.9 million) of consumers planning to shop that day. The second most popular day remains Cyber Monday as 38% (63.9 million) of shoppers will search for savings online.
Some of the reasons consumers are shopping over the weekend include:
About 60% of shoppers began purchasing holiday items in early November. More than half (54%) of shoppers plan to purchase gift cards, with total spending expected to reach $28.6 billion. Top gift cards include restaurant (27%), department store (26%) and bank-issued cards (25%).
The 2022 top holiday gifts that consumers plan to purchase are:
Barbie and LEGOs continue to hold first place as the hottest items for girls and boys for the third year.
The most popular toys for girls and boys in 2022, ranked, include:
Girls
*Choices tied in ranking
Boys
This holiday season, when shoppers "Find It In Florida" and shop local retailers, they help boost the local economy and support community businesses. Learn more about the "Find It In Florida" program at the website.
For more information on the predictions of the National Retail Federation, visit: https://nrf.com/media-center/press-releases/record-1663-million-shoppers-expected-during-thanksgiving-weekend.
ABOUT THE FLORIDA RETAIL FEDERATION
The Florida Retail Federation is the statewide trade association representing retailers -- the businesses that sell directly to consumers. Florida retailers provide one out of every five jobs in the state, pay more than $49 billion in wages annually, and collect and remit more than $20 billion in sales taxes for Florida’s government each year.
ABOUT THE NATIONAL RETAIL FEDERATION
The National Retail Federation, the world’s largest retail trade association, passionately advocates for the people, brands, policies and ideas that help retail thrive. From its headquarters in Washington, D.C., NRF empowers the industry that powers the economy. Retail is the nation’s largest private-sector employer, contributing $3.9 trillion to annual GDP and supporting one in four U.S. jobs – 52 million working Americans. For over a century, NRF has been a voice for every retailer and every retail job, educating, inspiring and communicating the powerful impact retail has on local communities and global economies.
FOR IMMEDIATE RELEASE
NOVEMBER 7, 2022
CONTACT: This email address is being protected from spambots. You need JavaScript enabled to view it.
(202) 680-9262
Tallahassee, FL – Floridians are already preparing for the holidays as shoppers stock up on gifts and seasonal items. According to a recent survey by the National Retail Federation, despite the concerns about inflation, 62% of shoppers believe that it is important to spend on holiday gifts and celebrations. In fact, the holidays are poised to be even more festive as 91% of shoppers plan to celebrate this year.
Nearly half of consumers (46%) started purchasing items off their holiday lists before November. Most shoppers (60%) have strategized to spread out their gift-shopping budget to avoid additional stress during the holiday season.
"The winter holiday season is an extra special time for Floridians to exchange gifts and celebrate with their family and friends," shares Scott Shalley, president and CEO of the Florida Retail Federation. "During this season of giving, Florida retailers are here to provide a stress-free shopping experience so you can focus on what matters most this holiday season, your loved ones. Remember to support your local retailers and Find it in Florida."
Many shoppers (44%) are feeling the pressure of rising costs and limited availability, purchasing holiday gifts and other items early in order to avoid the possibility of products becoming more expensive.
Additional reasons consumers are shopping early this holiday season include:
This year's holiday retail sales are forecasted to grow between 6% and 8% during November and December with sales reaching between $942.6 billion and $960.4 billion, over 2021. Consumers will spend an average of $832.84 on gifts and holiday items including decorations and food.
Gift cards remain the top gift as 54% of shoppers listed them as the highest on their wish list. Other top gifts include:
While e-commerce remains strong this year, with 56% of shoppers planning to purchase items online, Floridians have returned to in-store purchases to take advantage of the traditional holiday shopping experience. This year's expected household shift to in-store shopping has caused a decrease in e-commerce purchases compared to the 57% of consumers who planned to shop online in 2021.
This year’s other top holiday shopping destinations include:
This holiday season, when shoppers "Find It In Florida" and shop local retailers, they help boost the local economy and support community businesses. Learn more about the "Find It In Florida" program at the website.
For more information on the predictions of the National Retail Federation, visit: https://nrf.com/media-center/press-releases/nrf-predicts-healthy-holiday-sales-consumers-navigate-economic.
ABOUT THE FLORIDA RETAIL FEDERATION
The Florida Retail Federation is the statewide trade association representing retailers -- the businesses that sell directly to consumers. Florida retailers provide one out of every five jobs in the state, pay more than $49 billion in wages annually, and collect and remit more than $20 billion in sales taxes for Florida’s government each year.
ABOUT THE NATIONAL RETAIL FEDERATION
The National Retail Federation, the world’s largest retail trade association, passionately advocates for the people, brands, policies and ideas that help retail thrive. From its headquarters in Washington, D.C., NRF empowers the industry that powers the economy. Retail is the nation’s largest private-sector employer, contributing $3.9 trillion to annual GDP and supporting one in four U.S. jobs – 52 million working Americans. For over a century, NRF has been a voice for every retailer and every retail job, educating, inspiring and communicating the powerful impact retail has on local communities and global economies.
FOR IMMEDIATE RELEASE
OCTOBER 20, 2022
CONTACT: AMANDA BEVIS
(202) 680-9262
The Florida Retail Federation Celebrates Florida's Men & Women in Blue at Annual Law Enforcement Officer of the Year Award Dinner
ORLANDO, FL – The Florida Retail Federation (FRF) honored Detective Sergeant Nicholas Ferrara of the Gainesville Police Department Tuesday night at the 2022 Law Enforcement Officer of the Year Awards Dinner.
Detective Sergeant Ferrara is known globally for his proficiency in facial recognition technology, automatic license plate readers, and expertise in open-source intelligence. Nicknamed “The Wizard” Detective Sergeant Ferrara has successfully identified more than 1,000 witnesses, offenders and victims in support of law enforcement investigations.
“His passion for people, partnership and technology has enabled Detective Sergeant Ferrara to identify countless suspects involved in criminal activity, not only in Florida but across the globe,” said Dan Doyle, Executive Committee Member of the Florida Retail Federation, and Chief Human Resources Officer at Bealls. “He is a tremendous partner to retailers throughout our state, and his willingness to work with other law enforcement agencies to close organized retail crime cases is exceptional.”
Detective Sergeant Ferrara has been part of the Gainesville Police Department for more than 25 years. Throughout this time, he has built an extensive network of contacts to support his investigations- if he doesn’t have the answer, he knows someone who does. His impact reaches far beyond the city limits of Gainesville, and beyond state lines as he partners with other law enforcement agencies, retailers and financial institutions across the nation and as far as the United Kingdom.
As a result of his efforts, Detective Sergeant Ferrara has successfully identified offenders involved in murder, serial rapists, international organized crime, large-scale credit card fraud and multi-million-dollar schemes.
“Florida's retailers are proud to partner with Florida’s law enforcement officers to keep our communities and businesses safe,” said Scott Shalley, president and CEO of the FRF. “Law enforcement is our greatest ally in combatting organized retail crime. We are grateful for all of Florida’s law enforcement officers who selflessly serve to protect our communities.”
FRF also recognized the 2022 runner-up, Detective Diane Wantuck of the Coral Springs Police Department. During her 17 years with the agency, Detective Wantuck has successfully unraveled organized retail crime offenders, groups and fences, and is an invaluable partner in fighting ORC throughout South Florida
Since 1974, the FRF has cherished the tradition of celebrating Florida’s outstanding law enforcement community for their dedication to keeping Florida residents safe. This year the selection committee for the FRF awards program received dozens of worthy nominations with endless accounts of heroism and selflessness in the line of duty.
ABOUT THE FLORIDA RETAIL FEDERATION
The Florida Retail Federation is the statewide trade association representing retailers -- the businesses that sell directly to consumers. Florida retailers provide one out of every five jobs in the state, pay more than $49 billion in wages annually, and collect and remit more than $20 billion in sales taxes for Florida’s government each year.
FOR IMMEDIATE RELEASE
OCTOBER 6, 2022
CONTACT: This email address is being protected from spambots. You need JavaScript enabled to view it.
(202) 680-9262
Florida Retailers are Stocked and Ready to Help Shoppers Find All They Need for A Delightfully Frightful Holiday Season.
Tallahassee, FL – Halloween is poised to be more popular than ever this year. According to a survey by the National Retail Federation, 69% of shoppers plan to celebrate the frightful holiday this year, an increase from 65% in the previous year. Data reveals that the spike in ghouls and ghosts planning to celebrate this year will bring a record spending estimate of $10.6 billion, an increase over $10.1 billion in 2021.
"Florida shoppers are thrilled more than ever to celebrate Halloween," shared Scott Shalley, president and CEO of the Florida Retail Federation. "Many have already started their seasonal shopping. Luckily, Florida retailers have stocked up on costumes, candy, decorations and more to help families and children have a delightful, frightful holiday. Whether you're trick-or-treating, hosting a Halloween party, planning a neighborhood hayride or just handing out candy, remember to shop local and support Florida retail."
Nearly half of shoppers (47%) began shopping for Halloween last month. Those preparing for the October holiday are looking forward to a variety of spooky activities. The top Halloween activities this year include:
Nationally, consumers plan to spend $100 on average, for Halloween candy, cards, costumes and decor. Children's and adult costumes will be the most popular purchase this year with spending expected to reach $2.9 billion, breaking the highest forecast since 2017.
For a second consecutive year, Spiderman will be the top children's costume this year, and princess settles for the number two spot again.
Pet owners who plan to include their furry friend in the festivities will spend $710 million this Halloween. Shoppers still cannot get enough of pumpkin, as the survey reveals the beloved orange squash as the fan-favorite costume for pets for the seventh year in a row. The top five pet costumes are:
Consumers continue to find ways to save money, with 40% of shoppers planning to purchase their Halloween gear from discount stores, 36% looking toward specialty Halloween or costume stores, and 31% planning to shop online.
Shoppers can "Find It In Florida" and support Florida retailers when stocking up this Halloween. Supporting local retailers helps boost the local economy and community businesses. Learn more about the "Find It In Florida" program at the website.
For more information on the predictions of the National Retail Federation, visit: https://nrf.com/media-center/press-releases/halloween-participation-returns-pre-pandemic-levels-record-spending
ABOUT THE FLORIDA RETAIL FEDERATION
The Florida Retail Federation is the statewide trade association representing retailers -- the businesses that sell directly to consumers. Florida retailers provide one out of every five jobs in the state, pay more than $49 billion in wages annually, and collect and remit more than $20 billion in sales taxes for Florida’s government each year.
ABOUT THE NATIONAL RETAIL FEDERATION
NRF is the world’s largest retail trade association, representing discount and department stores, home goods and specialty stores, Main Street merchants, grocers, wholesalers, chain restaurants and internet retailers from the United States and more than 45 countries. Retail is the nation’s largest private-sector employer, supporting one in four U.S. jobs — 42 million working Americans. Contributing $2.6 trillion to annual GDP, retail is a daily barometer for the nation’s economy.
FOR IMMEDIATE RELEASE
JULY 20, 2022
CONTACT: Amanda Bevis (202) 680-9262
“Tax savings on back-to-school items will provide welcome relief to Florida families,” said Scott Shalley, president and CEO of the Florida Retail Federation. “Stock up July 25 through August 7 at your local Florida retail store. Many stores are offering additional sales to help families find savings get what they need to succeed this school year. Remember to ‘Find It In Florida’ and support local retailers when shopping for back-to-school items.”
The following items are available for purchase tax-free from July 25 through August 7:
Families can also find additional tax-free savings on the retail sale of children’s diapers and baby and toddler clothing, apparel, and footwear, now through June 30, 2023, and children’s books (children ages 12 or younger) through August 14, 2022.
A recent survey conducted by the National Retail Federation revealed that 25% of consumers have already started shopping for school supplies. As inflation continues to impact families, 38% of consumers plan to cut back spending in other areas to cover back-to-school purchases.
Total back-to-school spending this year is matched with 2021’s forecast of $37 billion. Households with children who are K-12 students will spend $864 on average on supplies for the new school year, approximately $15 more than last year. College students and their families will spend around $1,199 on average this year. Electronics remain the top spending category for back-to-school and college shopping.
There are more than 270,000 retail stores in Florida, and one in five jobs is tied to Florida retail. When shoppers “Find It In Florida" and shop local retailers, they help boost the local economy and support community businesses. Learn more about the "Find It In Florida" program at the website.
Visit www.fldoe.org to learn more about what you need to prepare and help your children return to school safely. For a full list of eligible tax-free supplies, please visit FloridaRevenue.com/BacktoSchool.
This year’s Back-to-School Sales Tax Holiday was established when Governor DeSantis signed HB 7071 into law on May 6.
ABOUT THE FLORIDA RETAIL FEDERATION
The Florida Retail Federation is the statewide trade association representing retailers -- the businesses that sell directly to consumers. Florida retailers provide one out of every five jobs in the state, pay more than $52 billion in wages annually, and collect and remit more than $35 billion in sales taxes for Florida’s government each year.
ABOUT THE NATIONAL RETAIL FEDERATION
NRF is the world’s largest retail trade association, representing discount and department stores, home goods and specialty stores, Main Street merchants, grocers, wholesalers, chain restaurants and internet retailers from the United States and more than 45 countries. Retail is the nation’s largest private-sector employer, supporting one in four U.S. jobs — 42 million working Americans. Contributing $2.6 trillion to annual GDP, retail is a daily barometer for the nation’s economy.
FOR IMMEDIATE RELEASE
JUNE 27, 2022
CONTACT:
This email address is being protected from spambots. You need JavaScript enabled to view it. (202) 680-9262
Tallahassee, FL — The Florida Retail Federation encourages Floridians to take advantage of the cost savings and shop local during the second annual Freedom Week Tax-Free Holiday. Shoppers can make tax-free purchases on a large variety of outdoor and recreational supplies beginning this Friday.
“Now is the time for Floridians to enjoy a discount on summer fun,” said Scott Shalley, president and CEO of the Florida Retail Federation. “Thanks to the leadership of the Florida Legislature and Governor Ron DeSantis, shoppers can once again find tax-free savings on all eligible summer essentials during the 2022 Freedom Week Tax Holiday. Florida retailers are ready to help Floridians find what they need to make the most of their summer. Don’t forget to shop local and “Find It In Florida.” When you support Florida retail stores, you’re supporting Florida jobs and Florida families.”
The tax-free savings of the 2022 Freedom Week Sales Tax Holiday includes boating and activity supplies, camping and fishing gear, sporting equipment and entertainment, and more.
The tax holiday begins this Friday, July 1, and runs seven days through Thursday, July 7.
The criteria for tax-free savings on boating and water activities include:
Floridians may also enjoy tax-free purchases on the following camping supplies:
Florida shoppers more interested in fishing can find savings on:
Other recreational savings include tax-free purchases such as:
Floridians can also save on equipment used for individual or team sports purposes. This does not include clothing or footwear selling for $40 or less.
Other items that you can purchase tax-free include the following events scheduled from July 1 through December 31, 2022:
This year’s Freedom Week Tax-Free Holiday was established when Governor DeSantis signed HB 7071 into law on May 6.
The Florida Retail Federation encourages Floridians to shop local and" Find It In Florida" when browsing for their summer gear. Whether you enjoy camping, fishing, or just relaxing at the beach, when shoppers "Find It In Florida" and shop local retailers, they help boost the local economy and support community businesses. Learn more about the "Find It In Florida" program at the website.
ABOUT
THE FLORIDA RETAIL FEDERATION
The Florida Retail Federation is the statewide trade association representing retailers -- the businesses that sell directly to consumers. Florida retailers provide one out of every five jobs in the state, pay more than $52 billion in wages annually, and collect and remit more than $20 billion in sales taxes for Florida’s government each year.
+1(850)222-4082
Florida Retail Federation
227 South Adams St.
Tallahassee, FL 32301
info@frf.org