Moderate retail sales growth continued through November even as two of the holiday season’s busiest shopping days, including Cyber Monday, shifted into December, according to the CNBC/NRF Retail Monitor.
Total retail sales, excluding automobiles and gasoline, grew 0.15% seasonally adjusted month over month and 2.35% unadjusted year over year in November, according to the Retail Monitor. The figures compare with increases of 0.74% month over month and 4.13% year over year in October.
The Retail Monitor calculation of core retail sales, which excludes restaurants in addition to automobiles dealers and gasoline stations, was down 0.19% month over month in November but up 1.43% year over year. compared with increases of 0.83% month over month and 4.59% year over year in October.
Total sales gained 2.15% year over year for the first 11 months of 2024 and core sales advanced 2.33%. The National Retail Federation has forecast that retail sales during the November-December holiday season would grow between 2.5% and 3.5% from 2023.
Results in key retail categories were:
- General merchandise stores were down 0.05% month over month seasonally adjusted but up 2.01% year over year unadjusted.
- Furniture and home furnishings stores were down 0.8% month over month seasonally adjusted and1.15% year over year unadjusted.
- Building and garden supply stores were down 2.19% month over month seasonally adjusted and 2.93% year over year unadjusted.
- Health and personal care stores were down 0.16% month over month seasonally adjusted but up 1.64% year over year unadjusted.
- Electronics and appliance stores were down 2.19% month over month seasonally adjusted and 7.28% year over year unadjusted.
- Grocery and beverage stores were up 0.95% month over month seasonally adjusted and 5.31% year over year unadjusted.
- Sporting goods, hobby, music and book stores were down 1.2% month over month seasonally adjusted and 7.39% year over year unadjusted.
- Clothing and accessories stores were down 0.18% month over month seasonally adjusted but up 4.21% year over year unadjusted.
- Online and other non-store sales were up 1.32% month over month seasonally adjusted and 21.48% year over year unadjusted.
NRF President and CEO Matthew Shay said, “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.”
Unlike survey-based figures collected by the United States Census Bureau, the Retail Monitor uses anonymized credit and debit card purchase data compiled by Affinity Solutions and does not need to be revised monthly or annually.
