IE Business Daily Business news for the Inland Empire.
U.S. retail sales are expected to be between 2.5 percent and 3.5 percent this year, with total sales expected reach at least $5.2 trillion, according to the National Retail Federation.
The 2024 forecast compares with the 3.6 percent annual sales growth of $5.1 trillion recorded last year, and conforms with the 10-year pre-pandemic average annual sales growth of 3.6 percent, the Washington, D.C.-based trade group reported March 20.
“The resiliency of consumers continues to power the American economy, and we are confident there will be moderate but steady growth through the end of the year,” said Matthew Shay, the federation’s president and chief executive officer in the statement. “Successful retailers offer consumers products and services when, where and how they want to shop with prices they want to pay.”
Non-store and online sales are expected to grow between seven and nine percent this year, to about $1.47 trillion to $1.50 trillion. Non-store and online sales reached $1.38 trillion last year.
GDP growth is expected to be approximately 2.3 percent, slightly below last year but enough to maintain job growth, the federation predicted.
