Higher wages will help buoy America's consumer spending throughout 2024 and propel retail sales growth to slightly outpace last year, according to the U.S. head of retail for brokerage Colliers.
"In general I would say that sales should end right around 3.5% to 3.7%," ahead of last year's 3.3%, Anjee Solanki, director of retail services for the United States at Toronto-based Colliers, said in an interview at the ICSC industry convention this week. "And why is that? Well, wages continue to increase."
The higher wages let consumers maintain spending despite higher prices, she said. Wages and salaries rose 4.4 percent for the 12 months ended in March, according to the U.S. Bureau of Labor Statistics.
Listen to the video to hear what Solanki said that may mean for some big-box retailers when it comes to real estate. For more ICSC coverage, click here.