Holiday sales total over $650 billion
January 16, 2017
Holiday retail sales increased 4 percent compared to the same time frame in 2015. A total of $658.3 billion was made in sales during November and December 2016, according to the National Retail Federation.
This number exceeds the NRF's prediction of $655.8 billion.
“These numbers show that the nation’s slow-but-steady economic recovery is picking up speed and that consumers feel good about the future,” NRF President and CEO Matthew Shay said. “Retail mirrors the economy. And while there might have been some bumps in the road for individual companies, the retail industry overall had a solid holiday season and retailers will work to sustain this in the year ahead.”
“There has been a lot of talk about online versus in-store retail in the past few months, but that comes from people who don’t realize that online and retail today are the same thing,” Shay said. “In the new distributed commerce world that allows consumers to buy any product, anytime, anywhere, it really doesn’t matter whether a customer shops in a company’s store or on its website or mobile app. It’s all retail. Today’s retailers sell to shoppers any way they want to buy.”
“The economy was clearly stronger in the fall and consumers were more active during the holiday season than they had been earlier in the year,” NRF Chief Economist Jack Kleinhenz said. “Economic indicators were up, retailers offered great deals, confidence improved and all of that empowered consumers to spend more.”