Customers wearing protective masks leave a Uniqlo store in San Francisco, California on Wednesday, February 17, 2021.
David Paul Morris | Bloomberg | Getty Images
Retail sales are expected to grow between 6.5% and 8.2% this year, representing sales of more than $ 4.33 trillion, as the US economy re-opens and people keep growing received the Covid vaccine, the National Retail Federation announced on Wednesday.
A preliminary reading shows retail sales rose 6.7% to $ 4.06 trillion over the past year, according to the industry’s leading retail group. This was largely fueled by an online growth of nearly 22%.
As the year progressed, more Americans turned to websites and apps to buy groceries, comfortable clothes, and housewares. The numbers exclude car dealerships, gas stations and restaurants.
“The development of the economy depends on the effectiveness of the vaccine and its spread,” said NRF chief economist Jack Kleinhenz in a statement.
“Our main assumption is that vaccination will be effective and allow accelerated growth by mid-year,” he said. “The economy is expected to grow the fastest in over two decades.”
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