WBGZ Radio 3/1/2021 |
By Kevin Bessler - Illinois Radio Network
Retail sales in the U.S. could rise between 6.5% and 8.2% to more than $4.3 trillion this year as more people get the COVID-19 vaccine and the economy reopens, according to the National Retail Federation.
NRF president Matthew Shay said the economy is expected to see its fastest growth in over two decades.
“The health of the economy we think is very solid, and we believe with additional distribution and administration of the vaccine that we will see very robust growth over the course of next year,” Shay said.
The trade group further expects that as Americans become more comfortable traveling again, more money will be spent on services, which normally accounts for nearly three-fourths of consumer spending.
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Alabama holiday sales increased almost 12% over 2019 Press Release: Alabama Retail Association © Provided by Dothan WTVY WTVY
(Press Release) For the first time ever, holiday sales in Alabama grew by double digits over the previous year.
Amid a pandemic, Alabamians spent 11.6% more during November and December 2020 than they did during the same period in 2019. That represents the highest holiday growth rate on record for our state.
Taxed sales in Alabama for those two months reached $14,785,761,846. Nationally, holiday retail sales grew 8% , according to the National Retail Federation.
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The $14.79 billion in Alabama holiday spending is based on sales tax collections on general merchandise, restaurant and other food service, automobiles, machinery and vending, plus collections made through the state’s Simplified Seller Use Tax (SSUT). Alabama Retail defines holiday spending as all taxed sales during the months of November and December.