Retail sales during 2021’s November-December holiday season grew 14.1 percent over 2020 to $886.7 billion, easily beating the National Retail Federation’s (NRF) forecast and setting a new record despite challenges from inflation, supply chain disruptions and the ongoing pandemic. As per the data by NRF, the number includes online and other non-store sales, which were up 11.3 percent at $218.9 billion. The numbers exclude automobile dealers, gasoline stations and restaurants to focus on core retail.“We closed out the year with outstanding annual retail sales and a record holiday season, which is a clear testament to the power of the consumer and the ingenuity of retailers and their workers,” NRF President and CEO Matthew Shay said. “Despite supply chain problems, rising inflation, labor shortages and the omicron variant, retailers delivered a positive holiday experience to pandemic-fatigued consumers and their families. Consumers were backed by strong wages and record savings and began their shopping earlier this year than ever before.
This is, in part, why we saw a decline in sales from November to December. NRF expects further growth for 2022, and we will continue to focus on industry challenges presented by COVID-19, the supply chain, labor force issues and persistent inflation. The numbers are clear: 2021 was an undeniably outstanding year for retail sales.”
“Retail sales displayed solid momentum throughout the holiday season,” NRF Chief Economist Jack Kleinhenz said. “Worries about inflation and COVID-19 put pressure on consumer attitudes but did not dampen spending, and sales were remarkably strong. Even though many consumers began shopping in October, this was the strongest November and December we’ve ever seen. Despite supply chain challenges, retailers kept their shelves stocked and consumers were able to fill their carts both in-store and online. Holiday spending during 2021 reflected continued consumer demand that is driving the economy and should continue in 2022. Nonetheless, we should be prepared for challenges in the coming months due to the substantial uncertainty brought by the pandemic.”
Both the amount spent and the growth rate are new highs, topping the previous records of $777.3 billion spent in 2020 and 8.2 percent growth that year. NRF forecast in October that 2021 holiday sales would increase between 8.5 percent and 10.5 percent over 2020 to between $843.4 billion and $859 billion, then said in December that growth could be as much as 11.5 percent. The 2021 growth compares with an average 4.4 percent holiday sales growth over the previous five years. Online spending met NRF’s forecast, which called for growth of between 11 percent and 15 percent to between $218.3 billion and $226.2 billion.
NRF’s holiday total includes sales for November 1 through December 31. Retail sales as defined by NRF – which exclude automobile dealers, gasoline stations and restaurants – were down 2.7 percent seasonally adjusted in December from November but up 13.4 percent unadjusted year-over-year. That compared with a 0.3 percent month-over-month decrease in November, which was up 14.8 percent year-over-year. As of December, sales were up 13 percent unadjusted year-over-year on a three-month moving average.
The NRF figures are based on data from the US Census Bureau, which said today that overall retail sales in December – including autos, gas and restaurants – were down 1.9 percent seasonally adjusted from November but up 16.9 percent year-over-year. That compares with increases of 0.2 percent month-over-month and 18.2 percent year-over-year in November. Despite occasional month-over-month declines, sales have grown year-over-year every month since June 2020, according to Census data. November-December holiday sales saw year-over-year gains across the board, led by increases at clothing, sporting goods and general merchandise stores. Specifics from key sectors for the two months combined, all on an unadjusted year-over-year basis, include:
The National Retail Federation, the world’s largest retail trade association, passionately advocates for the people, brands, policies and ideas that help retail thrive. From its headquarters in Washington, D.C., NRF empowers the industry that powers the economy. Retail is the nation’s largest private-sector employer, contributing $3.9 trillion to annual GDP and supporting one in four U.S. jobs – 52 million working Americans. For over a century, NRF has been a voice for every retailer and every retail job, educating, inspiring and communicating the powerful impact retail has on local communities and global economies.
Consumers, investors, and other key stakeholders of fashion retail are at aMay 11, 2022 | By Zubina Ahmed
The eight edition of the Retail Leaders Circle MENA, convened more thatMay 5, 2022 | By Zubina Ahmed
Lulu Group International recently introduced the world’s first AI-powered Food Delivery Robot
Eid Al-Fitr is an occasion to gather with your friends and family
Leading retailer LuLu Group further strengthened its presence in the Emirate of
Jones the Grocer, the Australian gourmet grocer and café chain, announces further
What is a perfect healthy snack for Ramadan? An assortment of dried
With Ramadan almost at it’s first week, we are wondering where can
In spirit of the holy month, Amazon announced that it will contribute
As consumer behaviour is changing and the demand for delivery is expanding,
As part of the ‘Gift an Iftar’ campaign, Festival Plaza, part of
The Michelin Guide, a book published by the French tyre company that
As the UAE eases pandemic restrictions and encourages the renewal of business
Papa John’s International, Inc. has announced a new partnership with ENOC Group
A recent report published by Talkwalker and YouGov has revealed the shifts in
Some of you may know Kamal Osman Jamjoom (KOJ), the retail conglomerate,
The eight edition of the Retail Leaders Circle MENA, convened more that
Majid Al Futtaim, the leading shopping mall, communities, retail and leisure pioneer
GMG, a global well-being company retailing, distributing and manufacturing a portfolio of
Some 88% of consumers in UAE and KSA have revealed that they
Have you thought of a situation when retail stores will offer refill
India’s leading retailer Reliance has called off its $3.4 billion deal with
Shopping while earning money or getting returns from a part of your
“It was all sand”, I recently heard from yet another Dubai resident
The UAE Cabinet on Monday announced a set of new visas that
The global online fashion market is now a $500 billion industry, with