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WASHINGTON—Holiday shopping is off to a strong start, according to new U.S. Census Bureau data showing retail sales continued to grow in November. The National Retail Federation (NRF) reports that the results align with its forecast for holiday spending to increase 2.5% to 3.5% over 2023.
"November's results show a strong start to the traditional holiday season," said NRF Chief Economist Jack Kleinhenz, citing solid consumer spending driven by job and wage growth, modest inflation, and healthy balance sheets. The Census Bureau reported a 0.7% seasonally adjusted month-over-month increase in retail sales for November, with an unadjusted year-over-year gain of 3.8%.
Kleinhenz emphasized that this year's late Thanksgiving shifted some of the season's busiest shopping days, such as Cyber Monday, into December, but overall spending remains on track to meet projections.
