The boom days are officially over.
sales grew by 5.3 percent to $936.3 billion, excluding automobile dealers, gasoline stations and restaurants.
“We knew it could be touch-and-go for final holiday sales given early shopping in October that likely pulled some sales forward plus price pressures and cold, stormy weather,” said Jack Kleinhenz, the NRF’s chief economist. “The pace of spending was choppy, and consumers may have pulled back more than we had hoped, but these numbers show that they navigated a challenging, inflation-driven environment reasonably well.
Sales of apparel and accessories at brick-and-mortar specialty stores saw a 2.9 percent gain from December 2021, but were off 0.3 percent from November. Department store sales fell 0.6 percent from a year earlier and were down a sharper 6.6 percent from November. has fallen from the highs set during the pandemic — when shoppers were huddled at home and spending away — the sector is still showing year-over-year growth. The “nonstore retailers” category saw December sales rise 13.
The economic change — telegraphed by checkout lines, business headlines, central bankers and Wall Street traders for months — has also prompted the industry to adjust to the end of the retail gold rush.
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