According to the National Retail Federation, December retail sales, which exclude automobiles, gas stations and restaurants, decreased 0.2 percent seasonally adjusted from November and increased 3.1 percent unadjusted on a year-over-year basis. All together, holiday sales in 2015 increased 3 percent to $626,140 billion.
Although the growth is close to average figures for the past few holiday seasons, NRF considered 3 percent solid growth considering the unforeseen weather events across the country and extreme deflationary retail environment. NRF forecasted total growth, including online sales, of 3.7 percent. Non-store holiday sales grew 9 percent to $105 billion.
“Make no mistake about it, this was a tough holiday season for the industry. Weather, inventory challenges, advances in consumer technology and the deep discounts that started earlier in the season and that have carried into January presented stiff headwinds as retailers competed with one another and their own bottom line,” said NRF President and CEO Matthew Shay. “Despite these factors, the industry rallied, consumers responded and sales still grew at a healthy rate, which is a huge testament to the resilience, knowledge and expertise of our retail leadership.”
“A double whammy of deflation and December weather constricted holiday sales growth as well as consumer spending,” said NRF Chief Economist Jack Kleinhenz. “The results of December’s retail sales remind us just how significant of an impact unusual weather can have on retail and overall economic activity.”
The U.S. Commerce Department said on Friday that December retail sales decreased 0.2 percent seasonally adjusted month-to-month and increased 2.2 percent unadjusted year-over-year.
