Holiday Spending on Track to Meet NRF Forecast

In What's New, Industry News by Accessories Staff

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Retail sales in November increased 0.9% over October on a seasonally adjusted basis and were up 6% year-over-year unadjusted, according to new calculations from the National Retail Federation. Online and other non-store sales grew 10.5% year-over-year, reflecting the growth of online shopping. The numbers exclude automobiles, gasoline stations and restaurants.

“This has been an impressive start to the holiday season, perhaps the best in the last few years,” NRF Chief Economist Jack Kleinhenz said. “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,” Kleinhenz said. “The improved willingness to spend and the purchasing power of consumers will continue to be an economic driver of growth into 2018.”

There were broad-based monthly increases across most sectors with the exception of general merchandise stores, which remained unchanged.

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% over last year.

To see how clothing and accessories stacked up against other classifications:

  • Online and other non-store sales were up 2.5% seasonally adjusted from October and up 10.5% unadjusted year-over-year.
  • Clothing and accessories stores were up 0.7% seasonally adjusted over October and up 4.9% year-over-year unadjusted.
  • Electronics and appliance stores were up 2.1% seasonally adjusted over October and up 7.3% year-over-year unadjusted.
  • Furniture and home furnishings stores were up 1.2 percent seasonally adjusted over October and up 8.6% year-over-year unadjusted.
  • Building materials and garden supplies stores were also up 1.2% seasonally adjusted from October and up 11.2% year-over-year unadjusted.
  • Sporting goods stores were up 0.9% seasonally adjusted over October and up 2.1% unadjusted year-over-year.
  • Health and personal care stores were up 0.4% seasonally adjusted over October and up 3.2% year-over-year unadjusted.
  • Food and beverage stores were up 0.2% seasonally adjusted over October and up 3.7% year-over-year unadjusted.
  • General merchandise stores were unchanged from October but up 4.4% year-over-year unadjusted.
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