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Holiday Retail Sales Hit Record $994.1 Billion, NRF Reports January 21, 2025 (0 comments)
Washington, DC--Retail sales during the 2024 holiday season reached $994.1 billion, a 4% increase over 2023, according to the U.S. Census Bureau. The National Retail Federation (NRF) reported the growth exceeded its forecast of 2.5%–3.5%, which projected sales between $979.5 billion and $989 billion. Annual retail sales totaled $5.28 trillion, a 3.6% increase over 2023 and within NRF’s forecasted range.
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Online and non-store sales rose 8.6% year-over-year to $296.7 billion, compared to $273.3 billion in 2023. Core retail sales in December, excluding automobiles, gasoline, and restaurants, grew 0.4% from November and 4.2% year-over-year. NRF noted that the timing of Thanksgiving shifted some sales from November to December.
Seven of nine retail categories saw year-over-year growth during November and December. Online sales led with an 8.6% increase, followed by furniture and home furnishings (5.6%) and electronics and appliances (3.7%). Clothing stores rose 2.8%, general merchandise by 2.4%, and grocery stores by 2.1%. Building materials and sporting goods stores were flat.
Retailers hired 438,000 seasonal workers during November and December, aligning with NRF’s forecast of 400,000–500,000 hires.
NRF noted that holiday spending reflected strong consumer demand driven by lower inflation and steady economic growth.
Learn more in this report by NRF.
