Customers wearing protective masks leave a Uniqlo store in San Francisco, California, on Wednesday, February 17, 2021.
David Paul Morris | Bloomberg | fake images
Retail sales are expected to grow 6.5% to 8.2% this year, equivalent to more than $ 4.33 trillion in sales, as the US economy begins to reopen. and more and more people are getting the Covid vaccine, the National Retail Federation said Wednesday.
A preliminary reading shows that retail sales grew 6.7% to $ 4.06 trillion last year, the industry’s leading trade group said. That was largely driven by growth of nearly 22% online.
Throughout the year, more Americans turned to websites and apps to shop for food, comfortable clothing, and household items. The numbers exclude car dealerships, gas stations, and restaurants.
“The trajectory of the economy is based on the effectiveness of the vaccine and its distribution,” NRF chief economist Jack Kleinhenz said in a statement.
“Our main assumption is that vaccination will be effective and allow for accelerated growth during the middle of the year,” he said. “The economy is expected to experience its fastest growth in more than two decades.”
Read the full NRF statement here.
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