Combined retail sales for November and December were the highest since 2011.
According to the National Retail Federation, total holiday retail sales increased 4 percent to $616.1 billion, their highest since 2011. Total holiday sales figures consist of November and December sales, excluding automobiles, gas stations and restaurants.
Total non-store holiday sales, an indicator of online and e-commerce sales, increased 6.8 percent to $101.9 billion.
Retail sales in December decreased 0.9 percent seasonally adjusted month-to-month, and 4.6 percent unadjusted year-over-year.
NRF said in a statement the significant decrease in crude oil and gas prices was partly to blame for the lack of month-to-month growth in December.
“Today’s holiday retail sales results are welcome news for our industry and for our economy,” said NRF President and CEO Matthew Shay. “There is every reason to believe that we have moved well beyond the days of consumer pessimism and that the trajectory for retailers continues to point up. We are fortunate to represent a resilient industry with business leaders who are committed to providing the best value to their customers. A successful holiday for retail sales is extremely important, but the work to build upon and grow that success never ends.”
Jack Kleinhenz, NRF’s chief economist added “Preliminary holiday results affirm our initial belief that consumers going into the holiday season had the spending power necessary to give retail the shot in the arm it needed.
“While December’s figures are disappointing, holiday sales in 2014 are the best we’ve seen since 2011. We remain positive about the future and expect to see consumers continue to benefit from the extra income gained from an improved job market and the dramatic fall in gas prices. It is important to recognize that December is a very difficult month to adjust for seasonal forces because of holiday spending and this could explain in part this month’s volatility.”
NRF is the world’s largest retail trade association, representing stores, wholesalers, restaurants and online retailers from more than 45 countries.
NRF: Holiday retail sales up 4 percent
