Toy market news

NRF expects U.S. ertail sales to rise amid vaccine rollout

By toybook.com

Last week, the National Retail Federation (NRF) released its annual forecast with an optimistic outlook that retail sales in the U.S. will grow to more than $4.33 trillion this year.

As more individuals get vaccinated against COVID-19, the NRF believes that sales will spike between 6.5% and 8.2% as the economy continues to reopen.

“Despite the continuing health and economic challenges COVID-19 presents, we are very optimistic that healthy consumer fundamentals, pent-up demand, and widespread distribution of the vaccine will generate increased economic growth, retail sales, and consumer spending,” says NRF President and CEO Matthew Shay.

Last year, the U.S. toy industry grew 16% per NPD, and the NRF says that the 2020 November/December holiday season accounted for nearly a fifth of overall U.S. retail sales.

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