Michigan Retail Index
The Michigan Retail Index is a monthly gauge of key retail activity in Michigan based on a monthly survey of Michigan Retail Association members. A new index is released by MRA on the fourth Wednesday of each month. The index tracks year-to-year increases or decreases in retail sales, inventory, prices, promotional efforts and hiring. It also indicates retailers’ forecasts in these areas for the next three months.
Download the survey's historical data.
Michigan Retailers Optimistic about Holiday Sales Season
Michigan retailers say they’re looking forward to a robust holiday shopping season, according to the Michigan Retail Index, a joint project of Michigan Retailers Association (MRA) and the Federal Reserve Bank of Chicago.
“Retailers expect a solid holiday shopping season,” said MRA president and chief executive officer James P. Hallan. “Our survey with the Federal Reserve Bank shows that 60 percent expect an increase in sales over last year.”
The Michigan Retail Index’s September survey found that while 39 percent reported sales increases over August, 50 percent recorded declines and 11 percent reported no change. The results create a seasonally adjusted performance index of 43.7.
October could be one of the reasons for an uptick if the National Retail Federation’s prediction for Halloween sales holds true. The NRF says it expects booming Halloween sales, with projections that Americans will splurge $9.1 billion on costumes, candy and pumpkins this fall. That’s up 8.3 percent ($8.4 billion) from last year.
While 67 percent of Michigan retailers expect sales during October-December to increase, 16 percent predict a decrease and 17 percent no change. That puts the seasonally adjusted outlook index at 75.7, according to the Retail Index survey, revealing retailers’ optimism.