CHICAGO--(BUSINESS WIRE)--According to a new BDO USA, LLP survey, retail CFOs predict a 3.4 percent increase in total sales for 2016. This is the second consecutive year that the total store sales projection has dipped since the spike to 5.1 percent in 2014. A notable decline in the number of CFOs expecting consumer confidence to increase was also revealed, which dropped nearly 50 percent year over year.
“Global market volatility, which twice as many CFOs this year said would impact consumer confidence, is certainly contributing to the softening projections,” says Doug Hart, partner in the Consumer Business practice at BDO. “In the face of these concerns, the majority of retailers do remain optimistic, which could be a sign that they're holding out hope that the combination of low energy prices, low inflation and an improving jobs market will encourage consumers to open their wallets.”