Holiday retail sales in November and December 2022 reached $936.3 billion, a 5.3% increase from $889.3 billion spent during the same period in 2021, according to the National Retail Federation. These figures resulted in less growth than was forecast due to inflation and high interest rates.
Still, even as holiday growth came in lower than predicted, retail sales for 2022 as a whole met the NRF’s predictions of 6-8% growth for the year, reaching $4.9 up 7% over 2021.
“The last two years of retail sales have been unprecedented, and no one ever thought it was sustainable,” stated Matthew Shay, CEO of National Retail Federation. “Nonetheless, we closed out 2022 with impressive annual retail sales and a respectable holiday season despite historic levels of inflation and interest rate hikes to cool the economy. Consumers shopped in record numbers and retailers delivered positive holiday experiences to inflation-wary consumers, offering great products at more promotional price levels to fit their stretched budgets. The fact that we saw retail sales growth on top of December’s 14% gain in 2022 shows the resilience of consumers and the creativity of retailers in driving consumption and economic activity while addressing high inflation and continued cost pressures.”
November-December holiday sales saw increases in seven out of nine retail categories. Online and other non-store sales were up 9.5%. Grocery and beverage stores were up 7.8%. General merchandise stores were up 3.8%. Sporting goods stores were up 3.5%. Health and personal care stores were up 2.8%. Clothing and clothing accessory stores were up 2.2%. Building materials and garden supply stores were up 1.5%.
Only furniture and home furnishings stores and electronics/appliance stores saw declines, down 1.1% and 5.7% respectively.
The holiday total, which is not adjusted for inflation, includes online and other non-store sales, which saw a 9.5% increase to $261.6 billion. NRF had predicted that this category would grow 10-12% in 2022, so fell just short of that forecast.
