Spending was up in almost all categories at the start to the holiday shopping season.
NORTH AMERICA–U.S. retail sales in November increased 0.9 percent over October and were up 6 percent year-over-year, according to the National Retail Federation.
Additionally, online and other non-store sales grew 10.5 percent year-over-year, reflecting the growth of online shopping.
In fact, the November’s results indicate that retail sales for the holiday season–defined as November and December–are on track to meet or exceed NRF’s holiday sales forecast for an increase between 3.6 and 4 percent over last year.
“This has been an impressive start to the holiday season, perhaps the best in the last few years,” says Jack Kleinhenz, chief economist, NRF. “The combination of job and wage gains, modest inflation and a heathy balance sheet along with elevated consumer confidence has led to solid holiday spending by American households. Today’s report is indicative of a strong consumer who is confident about the current and future state of the economy. The improved willingness to spend and the purchasing power of consumers will continue to be an economic driver of growth into 2018.”
Year-over-year sales in November were up across almost all categories including electronics and appliance store (up 7.3 percent), furniture and home furnishing stores (up 8.6 percent), sporting goods stores (up 2.1 percent), clothing and accessories stores (4.9 percent), health and personal care stores (up 3.2 percent), food and beverage stores (up 3.7 percent) and general merchandise stores (up 4.4 percent).