Hardware Retailing The Industry's Source for Insights and Information
The shortened holiday shopping season spurred consumer spending in November, as Americans took advantage of Black Friday and Cyber Monday deals to make holiday purchases, according to the National Retail Federation. November retail sales, excluding automobiles, gas stations and restaurants, increased 0.6 percent seasonally adjusted month-to-month, and 3.9 percent unadjusted year-over-year. The report is consistent with NRF’s holiday sales forecast of 3.9 percent growth.
“Consumers took advantage of a very promotional holiday season to shop at their favorite retailers during the Thanksgiving weekend,” NRF President and CEO Matthew Shay says. “Consumer confidence and sentiment are steadily improving, but spending remains at a modest pace. While it seems that the economy is improving, the future remains far from certain.”
November retail sales, released today by the U.S. Census Bureau, which include categories such as automobiles, gasoline stations and restaurants, increased 0.7 percent seasonally adjusted month-to-month, and 4.7 percent adjusted year-over-year.
“Once again, consumers have demonstrated their ability to drive the economy forward,” NRF Chief Economist Jack Kleinhenz says. “By-and-large, consumers have pent-up purchasing power and are willing to spend this holiday season. Retailers will compete for each and every shopper and sale, and promotions and deals will continue throughout the month. Although this holiday season will remain challenging for some retailers, today’s sales report bodes well for a solid holiday sales season, and may provide the foundation for accelerating economic growth and momentum in the New Year.”
Those retailers in building materials and garden equipment and supplies saw sales increase 1.8 percent seasonally-adjusted month-to-month and 2.7 percent unadjusted year-over-year for the month of November.
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