NRF: Retail sales rose 2.4% in December year over year
by January 15, 2024 10:49 am 551 views
Spending rose 0.19% in December over the prior month and 2.4% year over year, according to the National Retail Federation (NRF) and CNBC/Retail Monitor. Core sales (excluding auto and gasoline) compared with increases of 0.73% month over month and 2.4% from a year ago.
The sales are also not adjusted for inflation, which rose 3.4% in December.
Including automobile and gasoline purchases, total sales rose 0.44% for the month and was up 3.07% from a year ago. The growth rate slowed from 4.24% annual gains reported in November.
“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.”
NRF forecast holiday sales from Nov. 1 through Dec. 31 would increase between 3% and 4% over 2022, to a record of at least $957.3 billion. The forecast is based on data from the U.S. Census Bureau, and final results will be known when the Census Bureau releases December’s numbers.
Several spending categories saw positive sales gains in December. Online sales were a popular choice for shoppers rising 31.17% year over year and increasing 2.59% from November.
Health and personal care sales were up 0.17% for the month and 5.58% higher year over year. Clothing and accessories sales were down 0.44% month over month but up 4.28% year over year. Grocery and beverage sales also increased 0.84% for the month and 2.39% for the year.
Consumers also spent more on sporting goods, music and books in December with sales up 0.62% from November, up 2.25% from a year ago.
Other categories did not fare as well. Electronics and appliance sales were down 3.22% from November, and down 6.3% from a year ago. Consumers also spent less on furniture and home furnishing dipping 0.9% from November and sliding 3.76% from December 2022. Building and garden supply sales fell 1.52% for the month and plunged 10.17% year over year.