US retail sales rose 3.1% this holiday season — sharp drop from 7.6% last year: report
Inflation-battered shoppers cut back on their holiday spending this year — opening their wallets mainly for “big deals,” according to industry experts and newly released figures.
US retail sales rose just 3.1% year-over-year between Nov. 1 and Dec. 24 — well short of analyst forecasts of 3.7% and less than half of the 7.6% spike recorded last year, according to Mastercard.
Amazon and Walmart ramped up promotions through November to entice bargain-hunting shoppers, but analysts said the discounts were not as deep as the prior year when retailers were saddled with excess stock after the pandemic.
Adjusted for inflation, holiday retail sales are negative t.co/9ttcDEiGW1
— Ross Hendricks (@Ross__Hendricks) December 26, 2023
📈 The US Inflation rate is at 3.14%, a drop from last month's 3.24% and way below last year's 7.11%. But is this enough to warrant Fed cuts? Let's take a deep dive into the numbers and possibilities. 🧵👇 pic.twitter.com/jZEKyCB7dX
— Michael A. Gayed, CFA (@leadlagreport) December 12, 2023