Retail sales are expected to grow this year by between 6.5 percent and 8.2 percent, amounting to more than $4.33 trillion in sales, as the economy begins to reopen, and more and more individuals receive the Covid vaccine, the National Retail Federation said Wednesday.
A preliminary reading shows that retail sales grew 6.7 percent to $4.06 trillion last year, the industry’s leading trade group said. That was largely boosted by nearly 22 percent growth online.
Over the course of the year, more Americans turned to websites and apps to buy groceries, comfortable clothing and home goods. The numbers exclude automobile dealers, gasoline stations and restaurants.
“The trajectory of the economy is predicated on the effectiveness of the vaccine and its distribution,” NRF Chief Economist Jack Kleinhenz said in a statement.
“Our principal assumption is that the vaccination will be effective and permits accelerated growth during the mid-year,” he said. “The economy is expected to see its fastest growth in over two decades.”