US retail sales recorded annual growth in November 2025, with early holiday spending broadly aligned with the National Retail Federation’s (NRF) expectations for the season.
The data is based on figures from the CNBC/NRF Retail Monitor, powered by Affinity Solutions.
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In November 2025, overall retail sales, excluding car dealerships and petrol stations, edged up 0.12% from the previous month after seasonal adjustment, and were 4.53% higher than a year earlier on a non‑adjusted basis.
The uptick followed growth in October, when sales rose 0.6% month-on-month and 5% year-on-year (YoY).
Core retail sales, which also exclude restaurants, edged down 0.04% month-on-month in November but were up 4.66% compared with the same period of 2024.
In October, core sales had grown 0.6% month on month and 4.89% YoY.
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By GlobalDataAcross the first 11 months of the year, total retail sales increased 5.06% YoY, while core retail sales rose 5.22%.
The November figures align with the NRF’s outlook for the 2025 holiday period, which projects sales from 1 November to 31 December to rise between 3.7% and 4.2% YoY, pushing total spending to slightly above $1tn.
The federation also expects full-year 2025 retail sales to rise between 2.7% and 3.7% YoY, to as much as $5.48trn.
On a YoY basis, sales rose in all but one category in November, with the strongest growth seen in digital products, sporting goods stores and clothing retailers.
Month-on-month performance was weaker, with declines recorded in six of the nine categories tracked.
Digital products, including electronic books and games, fell 0.37% month-on-month but rose 14.81% YoY.
Sporting goods, hobby, music and bookstores posted a 0.28% monthly increase and an 8.96% annual rise.
Clothing and accessories stores slipped 0.04% month on month but grew 8.16% year on year.
Grocery and beverage stores increased 0.74% month-on-month and 3.89% YoY. General merchandise stores declined 0.73% month-on-month while recording 3.1% annual growth.
Health and personal care stores fell 0.19% on a monthly basis and rose 1.31% YoY.
Electronics and appliance stores saw a 2.94% month-on-month decline but a 1.01% YoY increase.
Furniture and home furnishings stores edged up 0.01% month-on-month and 0.53% YoY.
Building and garden supply stores recorded a 1.74% monthly fall and a 9.38% decline compared with November 2024.
The NRF data covers the first half of the holiday shopping season and offers an early view of consumer spending trends ahead of the final weeks of the year.
NRF president and CEO Matthew Shay commented: “Retail sales showed healthy year-over-year gains in November while month-over-month data was largely flat. Shoppers looking for online deals may have held back a bit until Cyber Monday, which landed in December due to a late Thanksgiving, likely shifting some spending.”
