The retail market is rebounding post-COVID-19 faster than expected. At the beginning of 2021, the National Retail Federation projected retail sales to grow at least 6.5%. However, as of June 2021, the latest data shows retail sales will grow between 10.5 and 13.5 percent before the end of the year, with sales numbers exceeding $4.4 trillion.
It appears that after spending so much time at home, and after a year of cautious spending, shoppers are ready to return to stores, with disposable income in-hand. Enter the rise of luxury goods.