IE Business Daily Business news for the Inland Empire.
U.S. retail sales are expected to grow four to six percent this year, with total sales expected to reach $5.1 trillion, according to the National Retail Federation.
That forecast compares with seven percent growth and $4.9 trillion in sales in 2022, the Washington, D.C.-based trade association reported recently.
“While we expect growth to moderate in the year ahead, it will remain positive as retail sales stabilize to more historical levels,” said Matthew Shay, the federation’s chief executive officer, in a statement. “Retailers are prepared to serve consumers in the current economic environment by offering a range of products at affordable prices..”
If the 2023 forecast holds true, it will top the average pre-pandemic yearly growth rate of 3.6 percent.
“In the last three years, the retail industry has experienced growth that would normally take almost a decade by pre-pandemic standards,” Shay said.
Non-store and online sales, which are included in the forecast, are expected to grow between 10 percent and 12 percent year-over-year, to approximately $1.4 trillion, according to the forecast.
