Late last month, the National Retail Federation (NRF) released a national economic forecast for 2021 that anticipates significant growth in the sector as more Americans get vaccinated and state economies open back up.
The NRF predicted that growth could yield more than $4.33 trillion in retail sales this year, up from $4.06 trillion in 2020. As consumers shifted to ecommerce last year during the pandemic, online and non-store retail stores saw a 21.9% increase in sales. The NRF expects online sales to continue their upward trajectory in 2021, with a growth of between 18% and 23%.
NRF also expects the U.S. economy to gain between 220,000 and 300,000 jobs per month in 2021, and forecasts real GDP growth between 4.5% and 5%.
Read more about the 2021 forecast here.