U.S. retail sales for the 2024 holiday season surged by 4% compared to the previous year, reaching nearly $1 trillion, according to the National Retail Federation (NRF). This marks a new high, surpassing the $955.6 billion recorded in 2023. The performance also exceeded NRF’s earlier projections of 2.5% to 3.5% growth, largely driven by the ongoing rise of online shopping and the trend of early holiday purchases.
The data revealed a notable 8.6% increase in online store sales, while other sectors also experienced growth, including furniture and home furnishings (up 5.6%), electronics and appliances (up 3.7%), and health and personal care (up 3%). Of the nine retail categories tracked by the U.S. Census Bureau, seven saw year-over-year gains during November and December.
NRF’s chief economist, Jack Kleinhenz, attributed the strong retail performance to the continued strength of the U.S. economy, citing a decline in inflation rates as a key factor. “Consumers were eager to spend this holiday season, demonstrating solid economic growth,” Kleinhenz said in a statement released on January 16.
Additionally, signs of early holiday shopping were evident throughout the season. A survey by the International Council of Shopping Centers in October 2024 revealed that 78% of U.S. consumers began their holiday shopping earlier than usual, with half of them taking advantage of early discounts. Data from the e-commerce platform Fast Simon also highlighted a dramatic increase in online traffic, with customer visits to its retail clients’ websites reaching up to 38 times the usual volume before Black Friday.
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