Sales for the holiday 2022 season slowed more than expected from its blistering pace a year ago as higher borrowing costs and higher inflation made shoppers pull back, according to the nation's largest retail trade group.
FILE - A shopper carries bags down Fifth Avenue on Friday, Nov. 25, 2022, in New York. Sales growth for the holiday 2022 season slowed more than expected from its blistering pace a year ago as higher borrowing costs and higher inflation made shoppers pull back, according to the nations largest retail trade group. The National Retail Federation said Wednesday, Jan. 18, 2023, that holiday sales for the combined November and December period rose 5.3% to $936.3 billion.
The numbers exclude automobile dealers, gasoline stations and restaurants and are calculated based on government figures., following a dip in November, according to the Commerce Department. It marked the biggest monthly retail sales decline for the year. “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," said Kleinhenz in a statement.
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