“The economy and consumer spending have proven to be much more resilient than initially forecasted. 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. The pandemic was a reminder how essential small, mid-size and large retailers are to the everyday lives of Americans in communities nationwide,” said Matthew Shay, NRF President and Chief Executive Officer.
NRF’s official retail forecast for 2021 is between $4.44 trillion to $4.56 trillion. The updated figure compares with $4.02 trillion in total retail sales from 2020.
“We are seeing clear signs of a strong and resilient economy. Incoming data suggests that U.S. economic activity continues to expand rapidly, and we have seen impressive growth. Most indicators point toward an energetic expansion over the upcoming months and through the remainder of the year,” said Jack Kleinhenz, NRF Chief Economist.
The strength of consumer spending is surging. According to Kleinhens, 2021 is predicted to be the fastest growth in retail that the US has seen since 1984. The reopening of the economy has accelerated much faster than most had anticipated.
Source: NRF Press Release
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The National Retail Federation, the world’s largest retail trade association, passionately advocates for the people, brands, policies and ideas that help retail thrive. From its headquarters in Washington, D.C., NRF empowers the industry that powers the economy. Retail is the nation’s largest private-sector employer, contributing $3.9 trillion to annual GDP and supporting one in four U.S. jobs – 52 million working Americans. For over a century, NRF has been a voice for every retailer and every retail job, educating, inspiring and communicating the powerful impact retail has on local communities and global economies.