Economy

Holiday retail sales increased 5.5 percent in 2017, exceeding NRF forecast and showing strongest gain since Great Recession

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Holiday sales during November and December increased 5.5 percent over the same period in 2016 to $691.9 billion as growing wages, stronger employment and higher confidence led consumers to spend more than had been expected, the National Retail Federation said today. The number, which excludes restaurants, automobile dealers and gasoline stations, includes $138.4 billion in online and other non-store sales, which were up 11.5 percent over the year before.

The results exceeded NRF’s forecast of between $678.75 billion and $682 billion, which would have been an increase of between 3.6 and 4 percent, and marked the largest increase since the 5.2 percent year-over-year gain seen in 2010 after the end of the Great Recession. NRF had forecast that non-store sales, which include online sales, would grow between 11 and 15 percent to between $137.7 billion and $142.6 billion.

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Categories: Economy