New data suggests that retailers are getting much-needed shopping sprees.
The National Retail Federation on Thursday revised its annual sales forecast for 2021, anticipating that retail sales will increase between 10.5% and 13.5% to more than $4.44 trillion this year as the economy continues to rebound from the coronavirus pandemic.
The economy and consumer spending have proven to be much more resilient than initially projected, said Matthew Shay, President and CEO of the NRF.
The combination of vaccine distribution, fiscal stimulus and private sector ingenuity have put millions of Americans back to work. While there are downside risks associated to working shortages, an overheating economy, tax increases and overregulation, overall households are healthier and consumers show their capacity and willingness to spend.
NRF first projected 6.5% sales growth for the retail industry in February amid the uncertainty of vaccine distribution enabling consumers to get back out to shops to shop more.
The retail organization now expects online sales to increase from 18% and 23% between $1.09 trillion and $1.13 trillion as more consumers rely on the categories of -commerce: htwww.foxbusiness.com ''.