Early Data From NRF Predicts Promising Holiday Season
Tis’ the season for retail sales. Today the National Retail Federation (NRF) reported retail sales in November increased 0.9 percent over October on a seasonally adjusted basis and were up 6 percent year-over-year unadjusted, according to calculations. Online and other nonstore sales grew 10.5 percent year-over-year, reflecting the growth of online shopping. The numbers exclude automobiles, gas stations and restaurants. The report also showed clothing and accessories stores were up 0.7 percent seasonally adjusted over October and up 4.9 percent year-over-year unadjusted. Overall, a great start to the 2017 holiday season.
“This has been an impressive start to the holiday season, perhaps the best in the last few years,” NRF Chief Economist Jack Kleinhenz said in a statement to the press. “The combination of job and wage gains, modest inflation, and a heathy balance sheet along with elevated consumer confidence has led to solid holiday spending by American households.”
Total Retail's Take: Some refreshing news in what can only be described as a challenging year for retail. For most retailers the holiday season is often the determinant of a positive or negative year. The NRF's report shows online and other nonstore sales were up 2.5 percent seasonally adjusted from October and up 10.5 percent unadjusted year-over-year, noting retail sales are on track to increase between 3.6 to 4 percent from last year. The key for retailers will be maintaining the momentum generated from a strong Thanksgiving weekend start to the holiday season through the start of 2018.