US is expected to register an increase of 5.1% in total sales and 4.8% in comparable store sales this year, despite ongoing market uncertainty, according to a new BDO USA survey.
The report stated that the retail chief financial officers are feeling more confident about the state of the consumer and the forecast marks a significant rise compared with a year ago.
Online sales are included in comparable sales projections by most of the CFOS’s, indicating that the expected growth may be linked to the popularity of e-commerce.
About 56% retailers expect consumer confidence will increase in 2014.
BDO Retail and Consumer Products partner Doug Hart said, "With consumer confidence gaining momentum, retail CFOs are relatively bullish about 2014 retail sales."
"While concerns remain about unemployment and financial market volatility due to the Fed’s pullback, they appear to be offset by the housing market recovery and less concern over Washington gridlock."
The findings are part of the eighth annual BDO Retail Compass Survey of CFOs, which examined the opinions of 100 CFOs at leading retailers across the country, in January 2014.
Other findings of the survey include regulations impacting retail employment, and online promotions win during holidays.