National Retail Federation Releases Data Showing Christmas Sales Fell Short of Expectations
- Holiday sales were below industry expectations due to shoppers feeling squeezed by rising interest rates and inflation.
- Below the NRF’s predictions, November and December saw sales rise 5.3% year over another to $936.3 Billion.
- Inflation also drives up sales, resulting in gains.
According to the National Retail Federation, holiday sales were below industry expectations because shoppers felt squeezed by rising interest rates and inflation.
November and December saw sales rise 5.3% year-over year to $936.3 Billion, which was lower than the forecasts of major trade groups for growth of between 6 and 8 percent. NRF had in November an estimated $936.3 billion in sales. projected spending of between $942.6 billion and $960.4 billion.
The forecast does NOT include spending at gas stations, automotive dealers and restaurants.
These gains also include the inflation impact, which drives up total sales. The consumer price index is a measure of the cost of various goods and services. was up 6.5% in December compared with a year ago, According to the Labor Department.
The challenges ahead are evident in the results of the shopping season for retailers. Americans are continuing to pay higher prices for food, housing, and other necessities month after month. They are increasing their credit card balances, spending less savings, and having fewer dollars available for discretionary spending.
This is breaking news. Stay tuned for more information.
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