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WASHINGTON – Retail sales in December showed robust growth, boosted by two key shopping days from the Thanksgiving holiday weekend falling within the month, according to the CNBC/NRF Retail Monitor powered by Affinity Solutions.
December retail sales, excluding automobiles and gasoline, rose 1.74% month over month (seasonally adjusted) and 7.24% year over year (unadjusted). Core retail sales, excluding restaurants, autos, and gas stations, were up 2.19% month over month and 8.41% year over year.
“Growth rebounded strongly in December from a misleadingly weaker November due to the timing of Thanksgiving,” said NRF President and CEO Matthew Shay. “Value-conscious consumers enthusiastically celebrated their loved ones while staying within their budgets. Households remain financially healthy with low unemployment, rising incomes, and easing inflation for goods. These trends support our optimistic outlook for 2024 retail sales.”
Holiday Shopping Momentum
The late Thanksgiving in 2024 shifted the Sunday after Thanksgiving and Cyber Monday into December, significantly boosting the month’s sales figures. Online sales led the growth, followed by strong performance in clothing, electronics, and general merchandise categories.
Key sector highlights include:
- Online and Non-Store Sales: Up 4.49% month over month and 33.05% year over year.
- Clothing and Accessories Stores: Up 4.07% month over month and 14.47% year over year.
- Electronics and Appliance Stores: Up 3.25% month over month and 10.23% year over year.
- General Merchandise Stores: Up 3.24% month over month and 9.77% year over year.
Sales increased in nearly all sectors on a monthly basis, with notable gains in sporting goods, health and personal care, and furniture stores. The only decline was in building and garden supply stores, which dipped 0.09% month over month but rose 0.85% year over year.
The results align with NRF’s earlier forecasts for 2024 retail sales, which predicted annual growth of 2.5% to 3.5% over 2023. The NRF’s estimates exclude autos, gas, and restaurants, with final figures expected following the U.S. Census Bureau’s release of December retail data.
Unlike the Census Bureau’s survey-based reports, the CNBC/NRF Retail Monitor uses real-time, anonymized credit and debit card data from Affinity Solutions, providing immediate and precise insights.
