What: Despite the current economic pressures that are impacting consumer spending in the US, the National Retail Federation expect sales to grow between 4 and 6% this year.

Why it is important: The prediction is down from the 7% gain last year, but above the 3.6% average annual growth rate from pre-pandemic years.

Non-store and online sales are expected to grow between 10 and 12% this year, with brick and mortar stores accounting for about 70% of total retail sales despite omnichannel becoming the option for most consumers.

While inflation is continuing to drop, it is expected to remain between 3 and 3.5% this year. These price increases will be felt the most by lower-income consumers while higher-income consumers are expected to spend on traveling and dining.

The NRF also expects a deceleration in job growth in the coming months, with a projected unemployment rate of more than 4% by 2024.

NRF expects sales to grow between 4 percent and 6 percent this year