US retail sales to increase between 2.5% and 3.5% in 2024, trade group forecasts

The largest U.S. retail trade group is forecasting that the country's retail sales will increase anywhere between 2.5% and 3.5% this year. That's a solid but still slower pace from the 3.6% seen last year. The National Retail Federation said Wednesday that sales should reach between $5.23 trillion and $5.28 trillion this year. The forecast is roughly in line with the 10-year pre-pandemic average annual sales growth of 3.6%. A strong jobs market and rising wages have fueled household spending, but sales have become choppy in the face of rising credit costs and still higher prices. And shoppers are shifting their spending to services after focusing on buying goods while they were staying close to home during the heart of the pandemic