Consumer Behavior

Holiday retail sales kicked off strong in November

Photo: Adobe Stock

December 12, 2023

The first half of the holiday season brought a strong retail sales gain, according to the CNBC/NRF Retail Monitor report, released by National Retail Federation.

"November Retail Monitor data shows that consumers are embracing the holiday season and promotions being offered by retailers," NRF President and CEO Matthew Shay said in a press release. "Value conscious shoppers are out looking for deals as they purchase gifts for family and friends, and this data indicates that they're finding them. Since November makes up half the holiday season, these numbers are a positive indication of what we can expect for the full holiday season."

Total retail sales, excluding automobiles and gasoline, were up 0.77% seasonally adjusted month over month and up 4.24% unadjusted year over year in November. That compared with a month-over-month decrease of 0.08% and a year-over-year increase of 2.57% in October.

The Retail Monitor calculation of core retail sales — excluding restaurants in addition to autos and gas — showed increases of 0.73% month over month and 4.17% year over year in November. That compared with a month-over-month decrease of 0.03% and a year-over-year increase of 2.63% in October.

Specifics from key sectors include:
• Online and other non-store sales were up 0.8% month over month seasonally adjusted and up 26.27% year over year unadjusted.
• Health and personal care stores were up 1.6% month over month seasonally adjusted and up 9.15% year over year unadjusted.
• Sporting goods, hobby, music and book stores were up 1% month over month seasonally adjusted and up 8.25% year over year unadjusted.
• Grocery and beverage stores were up 0.84% month over month and up 3.19% year over year unadjusted.
• Electronics and appliance stores were up 0.1% month over month seasonally adjusted and also up 0.1% year over year unadjusted.
• General merchandise stores were up 1.03% month over month seasonally adjusted and up 0.61% year over year unadjusted.
• Furniture and home furnishings stores were down 0.04% month over month seasonally adjusted and down 2.08% year over year unadjusted.