Retail Sales Surge in December, Driven by Holiday Shopping Boom
Retail sales soared in December, propelled by a robust holiday shopping season. The month witnessed a 3.81% increase over November and a 7.43% rise compared to December 2022. This growth was bolstered by two key shopping days - the Sunday after Thanksgiving and Cyber Monday - both occurring within December.
Several sectors contributed to this strong performance. Clothing and accessories stores led the way with a 4.07% month-over-month increase and a 14.47% year-over-year jump. General merchandise stores weren't far behind, posting a 3.24% month-over-month increase and a 9.77% year-over-year rise. Electronics and appliance stores also saw a significant 3.25% month-over-month increase and a 10.23% year-over-year increase.
Online sales, too, played a substantial role. Non-store sales, which include online retailers, surged by 4.49% month-over-month and a staggering 33.05% year-over-year. Core retail sales, excluding automobiles and gasoline, also rose by 2.19% month-over-month and 8.41% year-over-year. Sporting goods, hobby, music, and book stores also saw a 3.81% month-over-month increase and a 7.43% year-over-year increase.
Looking ahead, retail sales for the full year of 2024 are expected to increase between 2.5% and 3.5% over 2023. Similarly, holiday retail sales for 2024 are also projected to rise within the same range. These figures suggest a continued robust performance in the retail sector.
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