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WASHINGTON — Confident consumers stocked up on gifts and other merchandise, helping to push overall holiday sales to their highest level since 2011, according to the National Retail Federation.
Confident consumers stocked up on gifts and other merchandise, helping to push overall holiday sales to their highest level since 2011, according to the National Retail Federation.
"There is every reason to believe that we have moved well beyond the days of consumer pessimism and that the trajectory for retailers continues to point up," said Matthew Shay, president and chief executive officer of the NRF, the world’s largest retail trade association.
Walgreens Boots Alliance Inc. said December sales jumped 10.2%, as traffic at comparable stores rose 0.3% and basket size was up 2.6%.
But while many retailers, and the industry as a whole, reported December sales that were up compared to December 2013, the U.S. Commerce Department reported that sales for December 2014 were down a seasonally adjusted 0.9% from November.
That marked the largest drop since January 2014. The department’s figures reflect diminished spending on gasoline due to lower pump prices. But sales also declined in other categories, defying the forecasts of many economists.
Excluding gas, autos, building materials and restaurants, sales fell 0.4% last month, after rising 0.6% in November. Online and mail-order sales were down 0.3%, the department said. Retailers’ heavy discounting was cited as one factor. Also, gift card sales aren’t recorded until they are redeemed, possibly setting up a boost in January sales figures.
