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NRF: Holiday retail sales up 4.1%, surpassing expectations

Home Textiles Today Staff -- Home Textiles Today, 1/12/2012 2:14:00 PM

Washington- Retailers' 2011 holiday sales beat expectations, even if only slightly, rising 4.1% percent to $471.5 billion, versus the National Retail Federation's original 3.8% growth target.

More specifically, December retail industry sales, which exclude automobiles, gas stations, and restaurants, were up 4.1% unadjusted year-over-year and decreased 0.06% seasonally adjusted from November.

"The right mix of strong promotions, lean inventories and an emphasis on value put retailers in the perfect position to end the year on a high note," said NRF president and ceo Matthew Shay. "A better-than-expected holiday season is welcome news for an economic recovery that continues to be sluggish, and demonstrates retail's powerful role as an engine of growth."
December retail sales released today by the U.S. Commerce Department show total retail sales, which include non-general merchandise categories such as autos, gasoline stations and restaurants, increased 0.1% seasonally adjusted over November and 6.2% unadjusted year-over-year.

"In a matchup between the final two months of 2011 November clearly wins, but in the end retailers' promotions struck the right chord for budget-focused holiday shoppers," said NRF chief economist Jack Kleinhenz. "Though we are seeing evidence that the economy still has a critical hold on consumers' purchase decisions, this strength in spending could continue into 2012."

NRF described the 2011 holiday selling season as one "full of peaks and valleys."

As expected, consumers stocked up on discretionary gift items in December, including home décor, sporting goods, books and personal care items. Sales at furniture and home furnishings stores increased 1.0% seasonally adjusted from November and "a solid" 5.7% unadjusted year-over-year, NRF noted.

Despite a warmer-than-usual month, apparel sales performed extremely well. Though electronics and appliance stores saw growth in November, the shift in spending put a damper on those stores' December sales.

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• The economic figures you report are egregiously slanted to put the best light on real increases to spending, which was barely up 3 percent year over year, most of it financed by increased borrowing by consumers and by a reduction in the savings rate by consumers, both of which may be construed to show consumer sentiment to be improving but which prudent financial planning would not condone.
  
  To report holiday spending at $471.5 billion is a case in point. Retail spending overall in 2011 increased every month, but reached a plateau by November at $400 billion. December spending according to the Commerce Dept. was only $401 billion. By not reporting the metric you use to come up with $471.5 billion completely distorts the reality, which is that consumers are still being very frugal in an environment of inflation at 3.9 percent.

  John Meyer - 2012-01-12 19:59:04 EST
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