WASHINGTON (dpa-AFX) - Retails sales are expected increase between 3.5% to 4.1% in 2020, according to the National Retail Federation.
The NRF expects retail sales during 2020 to increase between 3.5% and 4.1% to more than $3.9 trillion despite negative impacts of lingering trade war with China, coronavirus outbreak and the presidential election.
'The nation's record-long economic expansion is continuing, and consumers remain the drivers of that expansion,' NRF President and CEO Matthew Shay said. '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. But when it comes to the fundamentals, our economy is sound and consumers continue to lead the way.'
Retail sales during 2019 grew 3.7% over 2018 to $3.79 trillion, but fell just short of NRF's forecast of at least 3.8 percent growth.
Online and other non-store sales were up 12.9% to $777.3 billion, trumping NRF's forecast of up to 12% growth.
NRF expects 2020 online sales to grow between 12% and 15% to between $870.6 billion and $893.9 billion.
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