The National Retail Federation forecasts that in 2020, sales will increase by as much as 4.1%. This will create another $4.2 billion for local small business owners.
“The economy is growing at a more modest pace, but the underlying economic fundamentals remain in place and are positive,” stated NRF chief economist Jack Kleinhenz. “Consumers remain upbeat and have the confidence to spend, and the steady wage growth that has come with the strong job market is fueling their spending. The state of the consumer is very healthy.
To claim a fair share of this enlarged pool of spending will require Philadelphia area small business owners to advertise.
“Think you have a great product?” asks the U.S. Small Business Administration. “Unfortunately, no one’s going to know about it unless you advertise.”