According to a press release issued by the National Retail Federation, the association predicts that 2021 retail sales will hit an all-time record for 2021. Per the release:
Holiday spending has the potential to shatter previous records, as the National Retail Federation today forecast that holiday sales during November and December will grow between 8.5 percent and 10.5 percent over 2020 to between $843.4 billion and $859 billion. The numbers, which exclude automobile dealers, gasoline stations and restaurants, compare with a previous high of 8.2 percent in 2020 to $777.3 billion and an average increase of 4.4 percent over the past five years.
NRF expects that online and other non-store sales, which are included in the total, will increase between 11 percent and 15 percent to a total of between $218.3 billion and $226.2 billion driven by online purchases. In comparison, that number is up from $196.7 billion in 2020. Listen to NRF's holiday forecast media call here.
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