2023 Retail Sales Forecast Looks Good
2023 Retail Sales Forecast Looks Good
Retail Sales will increase by 4 to 6 percent in 2023 to between $5.13 trillion and $5.23 trillion, according to a National Retail Federation projection. The trade group’s annual sales estimate compares to 7 percent growth in 2022 to $4.9 trillion and is above the pre-pandemic, average retail sales growth rate of 3.6 percent. Non-store and online sales, included in the annual sales projection, are forecast to grow by 10 to 12 percent this year, but it should be noted that brick-and-mortar stores still account for approximately 70 percent of total retail sales.
Separately, the trade group is anticipating full-year GDP growth this year to increase by 1 percent, reflecting a slower economic pace and half of 2022’s 2.1 percent gain. It should be noted that consumer sentiment fell to a four-month low in March on recession worries.
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