Retail sales are predicted to climb steadily in 2024, reaching between $5.23 trillion and $5.28 trillion according to the National Retail Federation (NRF).
This forecast, announced during the State of Retail & the Consumer virtual discussion, reflects a 2.5% to 3.5% increase compared to the previous year. Non-store and online sales are expected to particularly thrive, with a projected growth of 7% to 9%. Despite a slightly slower GDP growth rate and moderate inflation, consumer spending remains resilient, supported by robust job growth and healthy consumer balance sheets. While the labor market may cool in 2024, NRF anticipates continued optimism among consumers, contributing to sustained spending.
The NRF’s forecast isn’t just a glimpse into the future; it’s a culmination of extensive economic analysis. As consumers navigate uncertainties, these insights provide a guiding light for retailers, policymakers, and stakeholders alike.
