U.S. retail sales unexpectedly increased in August, boosted by back-to-school shopping and government child tax credit payments, which could temper expectations for a slowdown in economic growth in the third quarter.
U.S. retail sales are expected to rise between 6.5% and 8.2% to more than $4.33 trillion in 2021 as more people get vaccinated and the economy reopens, the National Retail Federation (NRF) said on Wednesday.
Following a difficult year, during which retailers had to adapt to the challenges of the ongoing Covid-19 pandemic, U.S. retail sales saw a 5.9% month-over-month increase in January, including a 5% rise in fashion sales.
The second year of the shopping networks’ The Big Find international product search will see the launch of 90 emerging brands on the channels, more than two thirds of which are women or minority-owned businesses.
According to a new study from NRF, U.S. consumers are expected to spend a total of $21.8 billion on Valentine’s Day in 2021, a 20% year-over-year decline largely attributable to the effects of the Covid-19 pandemic.
U.S. retail sales made progress in the 2020 holiday season according to NRF, but the positive trend was not felt by apparel retailers, who saw their revenues take a dive in the last two months of the year.