National Retail Federation (NRF), one of the largest retail groups in the US, recently raised industry’s outlook for 2021.
NRF expects the retail sales for the year to jump anywhere between 10.5 per cent and 13.5 per cent to clock around US $ 4.4 trillion to US $ 4.56 trillion.
While in 2020, retail sales were US $ 4.02 trillion, the same were US $ 3.76 trillion in 2019. Announcing all this through a virtual event, NRF said that it expects to see the fastest growth in the country since 1984.
With life returning back to normalcy all across the US and shoppers spending the accumulated money on apparels, fashion accessories and all their favourite products, economy is all set to revive, believes Jack Kleinhenz, Chief Economist, NRF.
Meanwhile, several fashion retailers like Macy’s, Walmart and Levi’s also witnessed strong first quarters recently and also raised their respective outlooks for the year.
The retailers said they are seeing consumers planning social gatherings and trading in loungewear to buy denims and dresses.
The NRF also raised the outlook for full year GDP growth to 7 per cent from 4.4 to 5 per cent that it had predicted earlier this year. There are clear signs of a strong and resilient economy, believes NRF.
However, it remains to be seen if the momentum, seen in the first few months of the year, will continue in the coming months, as one awaits the retail sales details for the month of May.