US retail sales saw a rise in December, with clothing and accessories stores experiencing a 4.07% increase from the previous month and a 14.47% rise compared to the same period last year, according to the CNBC/NRF Retail Monitor.
The increase is partly attributed to the occurrence of two major shopping days from Thanksgiving weekend within the month, stated NRF president and CEO Matthew Shay.
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“Growth rebounded strongly in December from a misleadingly weaker November as the result of the final two days of the busy Thanksgiving holiday weekend being included in December’s data,” Shay said.
The Affinity Solutions-powered Retail Monitor data total retail sales, excluding automobiles and gasoline, climbed by 1.74% on a seasonally adjusted basis from November to December and saw a 7.24% unadjusted increase year over year.
Core retail sales, which exclude restaurants as well as automobile dealers and gasoline stations, rose by 2.19% month over month and 8.41% year over year in December.
Shay added: “Calendar issues aside, value-conscious customers showed enthusiasm for celebrating loved ones with the right gifts at the right price points for their budgets in December. Households are in good financial shape amid low unemployment, growing income and continued deceleration of inflation for goods. We remain confident in our 2024 holiday forecast and retail sales projection for the year.”
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By GlobalDataDecember’s uptick was not limited to clothing and accessories; sales ascended across various categories on an annual basis. Month-over-month improvements were noted in all but one of nine categories.
A breakdown of performance in key sectors reveals:
– Online and other non-store sales jumped by 4.49% month over month on a seasonally adjusted basis and soared by 33.05% year over year unadjusted.
– General merchandise stores reported a 3.24% monthly gain on a seasonally adjusted basis and a 9.77% annual uplift.
– Sporting goods, hobby, music, and book stores enjoyed a 3.81% monthly boost when seasonally adjusted, alongside a 7.43% yearly increase.
– Health and personal care stores marked a 1.85% monthly growth on a seasonally adjusted basis and a 6.98% yearly jump.
– Electronics and appliance stores saw a 3.25% monthly increase when seasonally adjusted, with a 10.23% annual rise.
Other sectors such as furniture and home furnishings, grocery and beverage stores also recorded positive trends both monthly and annually, while building and garden supply stores experienced a slight monthly dip but maintained an annual growth.
These figures outpaced the more modest increases observed in November and aligned with NRF’s projections for 2024. The federation had anticipated that both full-year retail sales and holiday retail sales for November and December would grow between 2.5% and 3.5% over the previous year.
The US Census Bureau will provide conclusive data upon releasing its report for December on Thursday.
