In a more focused analysis, the core retail sales, which exclude restaurants in addition to autos and gas, showed increases of 0.19 per cent MoM and 2.4 per cent YoY in December. These figures mark a slight deceleration from November's increases of 0.73 per cent MoM and 4.17 per cent YoY, as per the Retail Monitor.
Overall, total retail sales for the entirety of 2023 were up 5.32 per cent over 2022, with core retail sales seeing a 4.46 per cent increase. December's sales demonstrated growth in six out of nine retail categories on a yearly basis, with online sales and clothing and accessory stores leading the charge. Notably, online and other non-store sales jumped 2.59 per cent MoM on a seasonally adjusted basis and surged 31.17 per cent YoY unadjusted. Conversely, clothing and accessories stores experienced a 0.44 per cent month-over-month decline but saw a 4.28 per cent YoY increase.
These results align with NRF's forecast, predicting holiday retail sales from November 1 through December 31 (excluding autos, gas, and restaurants) to increase between 3 per cent and 4 per cent over 2022, reaching a record of between $957.3 billion and $966.6 billion.
“December’s numbers combined with November’s results show retailers had a very successful two-month holiday season,” said NRF president and CEO Matthew Shay. “Clearly, retailers got it right this holiday season, providing consumers with what they wanted, options on when and where to make their purchases and with prices customers were comfortable paying.”
ALCHEMPro News Desk (DP)
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