Online sales in 2014 are expected to grow 9 to 12% in 2014 and overall retail sales are expected to increase 4.1%, an increase of 3.7% from 2013, according to the National Retail Federation.
According to NRF, a number of factors contributed to the the economic forecast. The labor market is expected to continue its modest recovery averaging approximately 185,000 jobs per month, helping decrease unemployment to near 6.5% or lower by the end of 2014.
Economic growth is expected to be above its long-term historical average, according to NRF. Early estimates of the growth in the economy measured by the GDP could fall between 2.6% and 3%.
Inflation, as measured by the CPI is predicted to go higher to as much as 1.7% in 2014 and the housing sector is expected to continue to improve in 2014, according to NRF.