The retail sector made a strong comeback last year after being hit by the COVID-19 induced lockdown. The pandemic forced the retail industry to adapt to a new normal by offering digital platforms and enhanced in-store experiences. U.S. holiday retail sales have grown 14.1% year-over-year to a record $886.70 billion, 19.2% above the pre-pandemic level.
And although the COVID-19 omicron variant spread and inflation caused retail sales to decline slightly in December, the gradual economic recovery should allow retail sales to rebound in the near term.
