November was a strong month in the retail sector. According to the National Retail Federation, November retail sales were up 0.6 percent from October and 3.2 percent over November 2013.
This steady growth supports NRF’s forecast of a 4.1 percent growth in holiday sales.
Matthew Shay, NRF President and CEO, says, “November sales results confirm that optimism, and we are steadfast in our belief that we are on track to reach the 4.1 percent growth in holiday sales that NRF forecasted in October.”
Consumers are able to spend more this year due to higher wages and a decrease in gas prices. These factors, along with high sales in November are providing momentum for December.
“Consumer trends show that the shopping experience continues to evolve for both retailers and consumers,” Shay says. “Shoppers this holiday season are seizing opportunities to take advantage of early promotions and showing signs they may wait until the end of the season when promotions are even greater.”
Building material and garden equipment supplies dealers found November sales to be up 1.4 percent over October and 4.7 percent over November 2013, meaning the home improvement industry faired better than average.
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