Retail spending in the US rose 0.6% in November, aided by deep discounting and early sales, as per data from the National Retail Federation (NRF), which seems to be consistent with its holiday sales forecast of an increase of 4.1% over last year.
The sales figure excludes automobiles, gasoline stations and restaurants, rising 3.2% unadjusted over November 2013.
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All retail categories witnessed rise in sales, including clothing and clothing accessories stores, electronics and appliance stores and nonstore retailers.
Building material and garden equipment and supplies dealers recorded +1.4% month-to-month and +4.7% year-over-year growth.
Other gains included Clothing and clothing accessories stores (+1.2% month-to-month and +2.5% year-over-year); Electronics and appliance stores (+0.9% month-to-month and +6.1% year-over-year); Furniture and home furnishing stores (+0.5% month-to-month and -0.4% year-over-year); General merchandise stores (+0.5% month-to-month and +2.3% year-over-year); Health and personal care stores (+0.8% month-to-month and +4.6% year-over-year); Online and other nonstore retailers (+1.0% month-to-month and +6.3% year-over-year); and Sporting goods, hobby, book & music stores (+0.3% month-to-month and +1.3% year-over-year).
Commenting on the renewed figures, NRF president and CEO Matthew Shay said: "As we’ve said all along, retailers are optimistic that they will see healthy holiday sales gains this year. November sales results confirm that optimism, and we are steadfast in our belief that we are on track to reach the 4.1 percent growth in holiday sales that NRF forecasted in October.
"Consumer trends show that the shopping experience continues to evolve for both retailers and consumers. Shoppers this holiday season are seizing opportunities to take advantage of early promotions and showing signs they may wait until the end of the season when promotions are even greater."
NRF chief economist Jack Kleinhenz said that a combination of increasing wages and lower gas prices have helped retailers to pass on the benefits to customers who are lapping it up.
