From a retail perspective, consumer sentiment and the labour market remain key indicators. While consumer sentiment has dipped this year, it still remains close to neutral territory. Furthermore, past trends suggest that the combination of improving economic growth and interest rate cuts can generate significant momentum, driving sentiment firmly back into positive territory. This is where the job market remains pivotal. Globally, employment has remained remarkably resilient and whilst a modest amount of softening is expected, its overall strength will support consumer spending, especially as real wage increases are also forecast for the year ahead.
FIGURE 3: REAL RETAIL SALES VALUE GROWTH 2024-27
6%
5%
4%
3%
2%
1%
0%
Source: Moody’s Analytics
30
CUSHMAN & WAKEFIELD
MAIN STREETS ACROSS THE WORLD 2025
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