Washington – Retail sales during 2022’s November-December holiday period grew year-over-year for nearly every retail channel – except two.
The National Retail Federation (NRF) has just reported that retail sales for the 2-month period climbed 5.3% over 2021 to $936.3 billion. While growth fell short of NRF’s holiday forecast of 6% to 8%, excluding automobile dealers, gasoline stations and restaurants.
Sales at furniture and home furnishing stores were down 1.1% during the season. Electronics and appliance stores fared even worse, with sales declining 5.7% year over year.
All other channels generated sales gains:
- Online and other non-store sales, up 9.5%.
- Grocery and beverage stores, up 7.8%.
- General merchandise stores, up 3.8%.
- Sporting goods stores were up 3.5%.
- Health and personal care stores, up 2.8%.
- Clothing and clothing accessory stores, up 2.2%.
The 2022 holiday results top the $889.3 billion spent during the 2021 holiday season.
“The fact that we saw retail sales growth on top of December’s 14% gain in 2022 shows the resilience of consumers and the creativity of retailers in driving consumption and economic activity while addressing high inflation and continued cost pressures,” said NRF president and CEO Matthew Shay.
Full-year 2022 retail sales grew 7% over 2022 to $4.9 trillion, meeting NRF’s forecast of between 6% and 8% growth for the year.