Retailers are getting much-needed shopping sprees, new data suggests.
The National Retail Federation on Thursday revised its annual sales forecast for 2021, now 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 forecasted," NRF President and CEO Matthew Shay said.
"The combination of vaccine distribution, fiscal stimulus and private-sector ingenuity have put millions of Americans back to work. While there are downside risks related to worker shortages, an overheating economy, tax increases and over-regulation, overall households are healthier, and consumers are demonstrating their ability and willingness to spend."
NRF initially projected 6.5% sales growth for the retail industry in February amid the uncertainty of vaccine distribution enabling consumers to get back out to stores to shop more.
Now, the retail organization expects online sales to grow between 18% and 23% between $1.09 trillion and $1.13 trillion as more consumers continue to rely on e-commercehttps://htwww.foxbusiness.com/category/ecommerce.