NEW YORK (AP) — Sales for the 2023 holiday season slowed from its blistering pace a year ago, but business was still solid despite inflation and high interest rates, according to the nation’s largest retail trade group.
Holiday sales in November and December rose 3.8% to $964.4 billion, according the National Retail Federation, the largest retail trade group in the U.S. That was a slower pace than the 5.4% increase a year earlier. But the growth was in line with the forecast for a 3% to 4% growth for the period.
It was also more consistent with the average annual holiday increase of 3.6% from 2010 to 2019 before the pandemic supercharged consumer spending.
The National Retail Federation's calculations are based on Census Bureau data but excludes automobile dealers, gas stations, and restaurants.