NRF Revised Retail Sales Forecast Reflects Brighter Picture

As a result of an atypical decision, the National Retail Federation released a revised annual retail sales forecast on July 1, 2021 because it became “clear that the U.S. economy and retail sales are growing far faster and more steadily than anyone could have expected just a few months ago.” The updated forecast reveals that the economy and consumers have proven to be much more resilient than expected, resulting in an updated forecast of more robust sales growth of between 10.5% and 13.5% over 2020, to a range between $4.44 trillion and $4.56 trillion. The revised figures present a more optimistic retail recovery versus the initial February forecast of between 6.5% and 8.2%, with a total between $4.33 trillion and $4.4 trillion.