U.S. holiday sales rise more than expected; apparel spending up 33%

According to the National Retail Federation ( NRF ) , U.S. retail sales achieved record growth during the holiday season, with most categories experiencing double-digit year -over-year growth.

The NRF report said that despite the challenges of inflation, supply chain disruptions and the epidemic , holiday sales easily exceeded previous forecasts and set a new record. Retail sales from November 1 to December 31 , 2021 increased by 14.1% from the same period in 2020 to US$886.7 billion. Among them, online sales increased by 11.3% to US$218.9 billion .

NRF initially forecast that 2021 holiday sales would increase 8.5% to 10.5% over 2020, to $843.4 billion to $859 billion. During the 2020 holiday season, consumers spent $777.3 billion , up 8.2% year-over-year .

NRF Chief Economist Jack   “Retail sales showed strength throughout the holiday season,” Kleinhenz said. “ Inflation , supply chains and the pandemic put pressure on sellers but did not curb consumer spending. Even though many consumers began shopping in October, sales remained very strong in November and December . ”

According to the ICSC survey, consumers spent an average of $1,011 during the holiday season , up from $795 in 2020, and 50% of shoppers said they spent more during the holidays this year than last year . Shoppers spent $579 on holiday-related items .

Jack   “Holiday spending in 2021 reflects an increase in consumer demand that will continue in 2022 , ” Kleinhenz added. “Nevertheless, we should prepare for challenges in the coming months due to the significant uncertainty created by the pandemic .”

However, as many consumers started holiday shopping early , retail sales in December 2021 fell 2.7% from November. In contrast, retail sales in November fell 0.3% from the previous month and increased 14.8% year-on-year. Holiday sales from November to December increased across the board year-on-year, mainly due to growth in clothing and sporting goods. During the holiday period, the specific growth of key industries was as follows :

Clothing grew by 33.1% ; sporting goods grew by 20.9 %; furniture and household goods grew by 15 %; electronics and home appliances grew by 13.8 %; building materials and garden supplies grew by 13.5 %; and health and personal care products grew by 9.6% .

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