Core retail sales during the 2024 holiday season grew by 4% over 2023 to a record $994.1 billion, according to the National Retail Federation, based on United States Census Bureau data.
The number came in ahead of the NRF’s forecast for the holiday season. NRF had forecast that 2024 holiday retail sales would increase between 2.5% and 3.5% to between $979.5 billion and $989 billion, and sales for the full year would grow in the same range. NRF noted retail sales for the full year grew 3.6% from 2023 to a record $5.28 trillion.
The 2024 holiday sales results top the previous record of $955.6 billion set during the 2023 festive season.
The NRF calculation of core retail sales uses United States Census Bureau data but excludes automobile dealers, gasoline stations and restaurants. NRF defines the holiday season as November 1 through December 31.
The holiday sales total, which is not adjusted for inflation, includes online and other non-store sales, which gained 8.6% at $296.7 billion, NRF noted. Actual sales fell within an NRF forecast of between 8% and 9% growth to between $295.1 billion and $297.9 billion. Holiday online sales totaled $273.3 billion in 2023, NRF pointed out. Full-year retail sales in 2023 totaled $5.1 trillion, which was the previous annual spending record.
For December, core retail sales gained 0.4% seasonally adjusted from November and 4.2% unadjusted year over year. In November, core retail sales grew 0.3% month over month and 3.9% year over year. The late timing of Thanksgiving in 2024 shifted sales on the ensuing Sunday and Cyber Monday from November into December, which affected results for both months.
The Census Bureau reported overall retail sales advanced 0.4% in December seasonally adjusted month over month and 3.9% unadjusted year over year. November overall retail sales increases of 0.8% month over month and 4.1% year over year.
By channel, November/December holiday sales results on an unadjusted year-over-year basis were, NRF maintained:
- General merchandise stores gained 2.4%.
- Furniture and home furnishings stores gained 5.6%.
- Building materials and garden supply stores came in flat.
- Electronics and appliance stores gained 3.7%.
- Health and personal care stores gained 3%.
- Grocery and beverage stores gained 2.1%.
- Sporting goods stores came in flat.
- Clothing and clothing accessory stores gained 2.8%.
As noted, online and other non-store sales were up 8.6%.
“Consumers came out to spend this holiday season and clearly underscored the solid growth in the U,S. economy,” NRF chief economist Jack Kleinhenz said. “The spending pace was back to pre-pandemic growth and indicates a good start for the year ahead. While the shorter holiday shopping calendar likely influenced the continued trend of more online shopping, there was also a return to in-person shopping experiences and a focus on early buying. The 2024 figures were driven in part by lower inflation compared with 2023, particularly for goods. Even though consumers are still relatively healthy and there was a notable increase in spending, they remain budget conscious.”
