Business, Feature, Freight News

Retail Sales Grow Ahead of Holidays, NRF

[ December 13, 2024   //   Gary G Burrows ]

U.S. retail sales showed moderate growth continuing in November ahead of the holiday season’s busiest shopping days, according to the CNBC/NRF Retail Monitor, which the National Retail Federation released Dec. 10.
Total retail sales, excluding automobiles and gasoline, were up 0.15 percent seasonally adjusted month over month and up 2.35 percent unadjusted year over year in November, according to the Retail Monitor, powered by Affinity Solutions. That compared with increases of 0.74 percent month over month and 4.13 percent year over year in October.
“November sales increased on top of a strong October and would have been even higher if Thanksgiving Sunday and Cyber Monday hadn’t fallen in December,” said Matthew Shay, president and CEO of NRF, the retail trade association. “Year-over-year gains were solid even as retail prices in many categories are lower this year, showing that consumers are buying more merchandise as the economy continues to grow. We remain confident in our holiday forecast.”
The Retail Monitor calculation of core retail sales (excluding restaurants in addition to automobiles dealers and gasoline stations) was down 0.19 percent month over month in November but up 1.43 percent year over year. That compared with increases of 0.83 percent month over month and 4.59 percent year over year in October.
Total sales were up 2.15 percent year over year for the first 11 months of 2024 and core sales were up 2.33 percent. The numbers come as NRF is forecasting that retail sales during the November-December holiday season will grow between 2.5 percent and 3.5 percent over 2023.
Unlike survey-based numbers collected by the Census Bureau, the Retail Monitor uses actual, anonymized credit and debit card purchase data compiled by Affinity Solutions and does not need to be revised monthly or annually.
November sales were up in five out of nine retail categories on a yearly basis, led by online sales, grocery and beverage stores and clothing and accessories stores. Sales were up in two categories monthly.

Tags: CNBC/NRF Retail Monitor, National Retail Federation