Holiday retail sales miss expectations, NRF says

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Holiday retail sales miss expectations, NRF says
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The National Retail Federation announced Wednesday that retail sales growth fell short of expectations but that we still ended the year 'with impressive annual retail sales.'

Online spending, in particular, also reached a record on Black Friday, Thanksgiving and Cyber Monday, according to separate data from Adobe.

A pedestrian carries Nespresso shopping bags in San Francisco, California, US, on Wednesday, Dec. 21, 2022. "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," NRF chief economist Jack Kleinhenz said.

While the pace of spending this holiday season was choppy and consumers may have pulled back more than expected, "these numbers show that they navigated a challenging, inflation-driven environment reasonably well," Kleinhenz said. American consumers "are still engaged and shopping despite everything happening around them," he added.

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