Retail sales made gains in December, boosted in part by two busy Thanksgiving weekend holiday shopping days falling during the final month of the year, the National Retail Federation announced.
The Retail Monitor calculation of core retail sales, which excludes restaurants in addition to automobile dealers and gasoline stations, increased 2.19% month over month in December and 8.41% year over year. Those figures compared to a decrease of 0.19% month over month and an increase of 1.43% year over year in November of last year.
In 2024, the Sunday after Thanksgiving and Cyber Monday both fell in December rather than in November as in 2023, given a later-than-usual Thanksgiving date last year. The sales shift of two key holiday shopping days to December gave monthly sales a lift.
The results align with NRF’s forecasts that retail sales for the full year 2024 and the November and December holiday sales season, excluding autos, gas and restaurants, would increase between 2.5% and 3.5% from 2023. NRF based the forecasts on data from the United States Census Bureau, and final results will emerge when the organization releases December’s results on January 16.
December sales by retail channel were, NRF noted:
- General merchandise stores were up 3.24% month over month seasonally adjusted and 9.77% year over year unadjusted.
- Furniture and home furnishings stores were up 0.84% month over month, seasonally adjusted, and 5.34% year over year unadjusted.
- Building and garden supply stores were down 0.09% month over month, seasonally adjusted, but up 0.85% year over year unadjusted.
- Health and personal care stores were up 1.85% month over month, seasonally adjusted, and 6.98% year over year unadjusted.
- Electronics and appliance stores were up 3.25% month over month, seasonally adjusted, and 10.23% year over year unadjusted.
- Grocery and beverage stores were up 0.59% month over month, seasonally adjusted, and 4.27% year over year unadjusted.
- Sporting goods, hobby, music and bookstores were up 3.81% month over month seasonally adjusted and 7.43% year over year unadjusted.
- Clothing and accessories stores were up 4.07% month over month, seasonally adjusted, and 14.47% year over year unadjusted.
- Online and other non-store sales were up 4.49% month over month, seasonally adjusted, and 33.05% year over year unadjusted.
“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,” NRF president and CEO Matthew Shay said in announcing the sales figures. “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.”
Unlike survey-based numbers collected by the 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.
