US retail sales will grow by 6% to 8% in 2022! The growth rate is slowing down!

It is learned that according to the forecast of the National Retail Federation (NRF), US retail sales will increase by 6% to 8% in 2022 to reach US$4.86 trillion to US$4.95 trillion (excluding car dealers, gas stations and restaurants).

NRF said that the growth rate of US retail sales in 2022 will be much lower than in 2021 (14%), but will still be higher than the level in the decade before the epidemic (3.7%).

According to the NRF forecast, U.S. non-physical store and online sales will grow 11% to 13% in 2022 to $1.17 trillion to $1.19 trillion.

In addition, NRF predicts that U.S. economic growth will slow down in 2022 amid surging inflation, tightening monetary policy and reduced fiscal stimulus, with GDP possibly growing by 3.5% for the whole year.

NRF chief economist Jack Kleinhenz said the United States has never experienced such high levels of inflation and expects inflation to remain high through 2023.

It is understood that at present, the financial situation of American households is healthy, so their spending may continue to grow steadily in 2022. However, affected by the supply chain and inflation, it is expected that US retailers will experience a "roller coaster" income (ups and downs) in the coming months.

Editor ✎ Nicole/

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