The corona pandemic has hit retail sales all over the world. But the National Retail Federation (NRF) predicts sales to rebound sharply in December. Its forecast is an excellent sign for the recovery from the severe blow affected by the pandemic.
The NRF has predicted that holiday sales will increase between 3.65% and 5.2% over 2019 to a total between $755.3 billion and $766.7 billion. These numbers by NRF excludes the sales numbers from automobile dealers, gas stations, and restaurants.
“We know this holiday season will be unlike any other, and retailers have planned ahead by investing billions of dollars to ensure the health and safety of their employees and customers,” NRF President and CEO Matthew Shay said.
Online e-commerce is being held responsible for this resurgence. NRF says that it expects that the online and other non-store sales will increase 20%-30% compared to last year. “Consumers have shown they are excited about the holidays and are willing to spend on gifts that lift the spirits of family and friends after such a challenging year. We expect a strong finish to the holiday season, and will continue to work with municipal and state officials to keep retailers open and the economy moving forward at this critical time,” Shay added.