According to a recent forecast by the National Retail Federation, retail sales are expected to grow between 10.5% and 13.5% to more than $4.44 trillion this year as the economy recovers from the pandemic. This revised forecast surpasses NRF’s initial projection of at least 6.5% growth made in February of this year.
In addition, NRF now expects GDP growth to approach 7%, compared with the 4.4% and 5% forecasted earlier this year.
NRF’s Chief Economist Jack Kleinhenz says, “Given the strength of consumer spending, he anticipates the fastest growth the U.S. has experienced since 1984”.
