Consumers are ready to spend and have the resources to do so, according to the National Retail Federation, which estimates retail sales to increase by 6% to 8% in 2022.
The 2022 figure compares with 14% annual growth rate in 2021, the highest growth rate in more than 20 years. This year's sales forecast is notably above the 10-year, pre-pandemic growth rate of 3.7%.
It should hit $4.86 trillion or more this year, according to NRF President and CEO Matthew Shay. "We should see durable growth this year given consumer confidence to continue this expansion, notwithstanding risks related to inflation, COVID-19 and geopolitical threats," he said in prepared remarks.
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