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WASHINGTON – U.S. retail sales soared to new heights during the 2024 holiday season, growing 4% over the previous year to a record-breaking $994.1 billion, according to data released by the U.S. Census Bureau and highlighted by the National Retail Federation. The performance outpaced NRF’s forecast and signals a return to pre-pandemic spending patterns.
“Consumers came out to spend this holiday season and clearly underscored the solid growth in the U.S. economy,” said NRF Chief Economist Jack Kleinhenz. “The spending pace was back to pre-pandemic growth and indicates a good start for the year ahead. Lower inflation, especially for goods, played a significant role in this robust growth, though consumers remained budget-conscious.”
MMR
The holiday sales total exceeded the 2023 record of $955.6 billion and outperformed NRF’s forecast of a 2.5% to 3.5% increase. Online and other non-store sales surged by 8.6% to $296.7 billion, also surpassing projections. Overall, core retail sales for the whole year reached $5.28 trillion, growing 3.6% from 2023 and matching the upper limit of NRF’s expectations.
NRF’s analysis emphasizes the retail sector's economic impact by focusing on core retail sales, excluding automobile dealers, gas stations, and restaurants. The holiday season is defined as the period from Nov. 1 to Dec. 31.
In December alone, retail sales rose 0.4% seasonally adjusted from November and 4.2% unadjusted year over year. November also saw gains, with sales increasing 0.3% month over month and 3.9% year over year. The timing of Thanksgiving, which fell later in 2024, contributed to a shift in sales from November to December, affecting both months’ totals.
Sector highlights
Year-over-year gains during the holiday period were recorded in seven of nine retail categories, with online sales, furniture stores, and electronics leading the charge:
- Online and non-store sales: Up 8.6%.
- Furniture and home furnishings: Up 5.6%.
- Electronics and appliances: Up 3.7%.
- Health and personal care: Up 3%.
- Clothing and accessories: Up 2.8%.
- General merchandise: Up 2.4%.
- Grocery and beverage: Up 2.1%.
Building materials and sporting goods sales were flat compared to 2023.
Retailers hired an estimated 438,000 seasonal workers in November and December, which aligns with NRF’s forecast of 400,000 to 500,000 hires.
