US holiday sales in November-December last rose by 5.5 per cent to $691.9 billion over the same period in 2016 as growing wages, stronger employment and higher confidence led consumers to spend more than projections, according to the National Retail Federation (NRF). The figure exceeded NRF’s forecast of between $678.75 billion and $682 billion in sales.

The figure, which excludes restaurants, automobile dealers and gasoline stations, includes $138.4 billion in online and other non-store sales, which were up by 11.5 per cent over the year before, according to an NRF press release. Clothing and accessories stores increased 2.7 percent unadjusted year-over-year.

NRF had forecast that non-store sales, which include online sales, would grow between 11 and 15 percent to between $137.7 billion and $142.6 billion.

December alone was up 0.4 per cent seasonally adjusted from November and up 4.6 percent unadjusted year-over-year.

The season came on the heels of the three strongest monthly year-over-year gains for retail sales since the fourth quarter of 2014, nominal disposable personal income was up a combined 3.5 percent year-over-year in October and November, and consumers were feeling better about using their credit cards, with outstanding balances up 6 per cent year-over-year, said NRF chief economist Jack Kleinhenz. (DS)

Fibre2Fashion News Desk – India

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