Heartfelt Spending

Issue 11.06

February 14, 2025

THE POST-ELECTION ECONOMY

WILL TARIFFS DRIVE UP CONSUMER COSTS?

2025 brings a new administration and a new Congress. President Trump was elected to his second term and the Republican party won control of both chambers in Congress. The National Retail Federation (NRF) is prepared to work with the new administration to advance policy priorities focused on tax, trade, and regulatory reforms that will enhance America’s competitiveness, boost domestic investment, and create jobs.

There will be a renewed focus on trade policy with proposals to establish or expand broad-based, non-strategic tariffs on imports that could reduce consumer spending by as much as $78 billion annually. Since 2018, broad tariffs on Chinese imports have been implemented and expanded under two presidential administrations, costing American importers more than $235 billion in the last six years. Read more >

DELAWARE RETAIL BY THE NUMBERS

$15.3B

total impact on GDP

$5.8B

direct impact on GDP

$3.9B

direct labor income

13.9K

retail establishments

102.4K

direct retail employment

166.1K

total jobs supported

Source: National Retail Association

NAVIGATING THE EVOLUTION OF RETAIL

The Delaware Retail Council (DRC) is an affiliate of the Delaware State Chamber and National Retail Federation (NRF). The DRC’s mission is to support and improve the retail climate in Delaware and serves as retailers’ advocate at the state and local government levels. According to the NRF, the retail industry is the largest private-sector employer, supporting more than one in four jobs, or 55 million American workers. In Delaware, the industry supports around 166,000 jobs and has a $5.8 billion direct impact on Delaware’s GDP. Read more >

HEARTFELT SPENDING

VALENTINE'S DAY'S IMPACT ON THE RETAIL SECTOR

Consumers are expected to spend a record $27.5 billion on Valentine’s Day this year, according to the annual survey released by the National Retail Federation. The amount is up from last year’s $25.8 billion and slightly above the previous record of $27.4 billion set in 2020. Shoppers plan to spend $188.81 on average on the holiday, up from $185.81 in 2024.

Over half of consumers plan to celebrate Valentine’s Day this year, up from 53% in 2024. Men are more likely to celebrate the holiday this year with 55% saying they plan to participate in Valentine’s Day, up from 51% in 2024.

PRESIDENT'S MESSAGE

For quite a few years in a row, manufacturing has been the leading sector of interest for businesses looking to locate or expand here in Delaware. There are many reasons for this sector's growth and we should be doing more to welcome its expansion. This could include land-use policy changes and rezoning in some cases, perhaps public investment in utilities to make more sites ready for these opportunities, and youth and adult training programs to meet employment needs. Read more >

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HEARTFELT SPENDING

VALENTINE'S DAY'S IMPACT ON THE RETAIL SECTOR

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