US' holiday retail sales soar in November 2023

Total retail sales, excluding automobiles and gasoline, experienced a considerable uptick. In November, there was a 0.77 per cent seasonally adjusted increase month-over-month (MoM) and a substantial 4.24 per cent unadjusted rise year-over-year (YoY). This growth stands in stark contrast to October's figures, which saw a MoM decrease of 0.08 per cent and a more modest YoY increase of 2.57 per cent.

November's retail sales saw increases in seven out of nine categories on a yearly basis, with online sales leading the charge. The month also witnessed growth in all but two categories on a monthly basis. Notable sectors demonstrating significant growth include online and other non-store sales, which were up 0.8 per cent month-over-month seasonally adjusted and an impressive 26.27 per cent year-over-year unadjusted. Clothing and accessories stores showed a positive trajectory, with a 0.87 per cent increase month-over-month and a 5.81 per cent rise year-over-year unadjusted. General merchandise stores experienced a 1.03 per cent month-over-month seasonally adjusted increase and a 0.61 per cent year-over-year unadjusted increase, as per the Retail Monitor.

Core retail sales, which exclude restaurants in addition to autos and gas, also observed upward trends. There was a 0.73 per cent increase MoM and a 4.17 per cent rise YoY in November. These figures are a marked improvement from October, where there was a slight MoM decrease of 0.03 per cent and a YoY increase of 2.63 per cent.

These encouraging results arrive as the NRF forecasts a significant boost in holiday retail sales from November 1 through December 31. The expectation is an increase of between 3 per cent and 4 per cent over 2022, potentially reaching a record total of between $957.3 billion and $966.6 billion. This prediction excludes automobiles, gas, and restaurants.

“November Retail Monitor data shows that consumers are embracing the holiday season and promotions being offered by retailers,” said NRF president and CEO Matthew Shay. “Value conscious shoppers are out looking for deals as they purchase gifts for family and friends, and this data indicates that they’re finding them. Since November makes up half the holiday season, these numbers are a positive indication of what we can expect for the full holiday season.”

ALCHEMPro News Desk (DP)