As shoppers – and retailers – set their sights on the holiday season, low prices and pent-up demand helped entice Americans back into the stores. According to the National Retail Federation (NRF), retail industry sales (which exclude automobiles, gas stations, and restaurants) rose 0.6 percent seasonally adjusted from October and dipped 0.8 percent year-over-year. The numbers are in line with NRF’s forecast of a 1 percent decline in holiday sales.
“Unlike last year, when the economic downturn caught everyone off-guard, retailers were able to plan ahead this holiday season with an eagle eye on low inventory and aggressive discounts,” said NRF chief economist Rosalind Wells. “Retailers are encouraged to see momentum building in sales as they prepare for the final ten days before Christmas. Although November sales were encouraging, companies know that the holiday season is far from over and expect this year to come down to its usual photo finish.”
November retail sales released today by the U.S. Commerce Department show total retail sales (which include non-general merchandise categories such as autos, gasoline stations and restaurants) increased 1.3 percent seasonally adjusted from the previous month and increased 1.8 percent unadjusted year-over-year.