Last year was one many people would probably choose to forget because of the social and economic implications of the pandemic. However, it turned out to be a pretty good one for the retail industry despite the closures and restrictions that accompanied them. The home improvement sector featured record growth.
The National Retail Federation reports growth in retail industry sales nearly doubled its early 2020 estimate, which didn’t factor in the pandemic. The organization forecasts that trend to continue with growth roughly doubling that of 2019.
The report’s highlights include:
- NRF Chief Economist Jack Kleinhenz, says “the economy is expected to see its fastest growth in over two decades.”
- Online sales are expected to grow between 18-23 percent as households are becoming attached to the convenience and product selection of buying online.
- NRF expects the overall economy to gain between 220,000 and 300,000 jobs per month in 2021.
Here’s a link to the encouraging report: NRF’s forecast for 2021.