US retail sales to increase between 2.5% and 3.5% in 2024, trade group forecasts
The largest U.S. retail trade group is forecasting that the country's retail sales will increase anywhere between 2.5% and 3.5% this year
By ANNE D'INNOCENZIO
Published - Mar 20, 2024, 01:42 PM ET
Last Updated - Mar 20, 2024, 02:00 PM EDT
NEW YORK (AP) — The largest U.S. retail trade group is forecasting that the country's retail sales will increase anywhere between 2.5% and 3.5% this year, a solid but still slower pace than the 3.6% seen last year.
The National Retail Federation said Wednesday that it expects retail sales will reach between $5.23 trillion and $5.28 trillion this year.
The 2024 forecast is roughly in line with the 10-year pre-pandemic average annual sales growth of 3.6%.
"The economy is primarily supported by consumers who have shown much greater resilience than expected, and it’s hard to be bearish on the consumer,” the federation's chief economist, Jack Kleinhenz, said. “The question for 2024 ultimately is, will consumer spending maintain its resilience?”
