February 27, 2020
The National Retail Federation (NRF) said Wednesday that retail sales during 2020 will increase between 3.5% and 4.1% year-over-year to more than $3.9 trillion, despite uncertainty from the lingering trade war, coronavirus and the presidential election.
“The nation’s record-long economic expansion is continuing, and consumers remain the drivers of that expansion,” said NRF president and CEO Matthew Shay. “With gains in household income and wealth, lower interest rates and strong consumer confidence, we expect another healthy year ahead.
“There are always wild cards we cannot control like coronavirus and a politically charged election year,” he added. “But when it comes to the fundamentals, our economy is sound and consumers continue to lead the way.”
2020 retail sales should total between $3.93 trillion and $3.95 trillion. Online sales, which are included in the total, are expected to grow between 12 percent and 15 percent to between $870.6 billion and $893.9 billion.
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