Nordstrom Rack’s Herald Square store in New York City. Getty.
The NRF announced an increased sales forecast on Wednesday, a number that would reflect a 10.5 percent to 13.5 percent bump compared to retail sales in 2020. The updated forecast reflects the optimistic pace of stateside retail recovery as vaccine rollout and reopenings continue.
Despite worker shortages and tax increases, “Overall households are healthier, and consumers are demonstrating their ability and willingness to spend,” NRF president and chief executive Matthew Shay said in a statement.
The NRF’s previous projection of 2021 sales — 6.5 percent growth — was made in February, when there were still doubts about vaccine distribution and consumer spending, the organisation said. It added that 2021 online sales are slated to grow even faster than overall sales — between 18 and 23 percent.