US retail sales on target
November increase as customers continue spending
The US holiday shopping season gas got off to a good start, according to the National Retail Federation.
The trade association said that November saw consumers build on two strong months of retail sales, by heading to the stores again to take advantage of widepread holiday promotions.
November retail sales in the GAFS category – which includes general merchandise, clothing and clothing accessories, furniture and home furnishings, electronics and appliances, and sporting goods, hobby, book and music stores, rose by 4.7 per cent over last year and increased 0.2 per cent over October.
The NRF said November sales are in line with its forecast of 4.5 per cent growth in holiday sales. NRF chief economist Rosalind Wells said: “Consumers are still in the game, with many splurging on high-end merchandise. November sales are an indicator that the holiday season is off to a good start.”
Electronics and appliances stores were big winners last month with sales up 5.6 per cent over last year, while clothing and clothing accessories stores rose 4.7 per cent over last year. General merchandise stores, including department stores, also saw a year-on-year increase of 4.6 per cent.
In spite of recent reports of mixed results, notably from market leader Wal-Mart, which initially resisted heavy promotions, the NRF said overall retail sales are in line with its forecast. President and CEO Tracy Mullin said: “Looking at the entire retail industry, holiday sales are meeting our expectations. Comp store sales, which measure individual companies’ performances, clearly don’t tell the story of the entire retail industry.”
NRF is forecasting that US holiday sales will increase 4.5 percent this year to $219.9bn. November retail sales figures from the US Commerce Department, which include categories such as car and restaurant sales, rose 0.1 per cent from October and increased 9 per cent year-on-year.
