US clothing retailers benefitted from a strong holiday
shopping season in 2023 according to new figures from the CNBC/NRF Retail
Monitor.
According
to the latest figures, US clothing and accessories stores were down 0.44% month
over month but up 4.28% year over year unadjusted in the December 2023 holiday
period.
“December’s numbers combined with November’s
results show retailers had a very successful two-month holiday season,” NRF
president and CEO Matthew Shay said. “Clearly, retailers got it right this
holiday season, providing consumers with what they wanted, options on when and
where to make their purchases and with prices customers were comfortable
paying.”
Total retail sales, excluding automobiles
and gasoline, were up 0.44% seasonally adjusted month over month and up 3.07%
unadjusted year over year in December. That compared with increases of 0.77%
month over month and 4.24% year over year in November.
The Retail Monitor calculation of core
retail sales – excluding restaurants, autos and gas – showed increases of 0.19%
month over month and 2.4% year over year in December. That compared with
increases of 0.73% month over month and 4.17% year over year in November.
Total retail sales for all of 2023 were up
5.32% over 2022 and core retail sales were up 4.46%. Online and other non-store
sales were up 2.59% month over month seasonally adjusted and up 31.17% year
over year unadjusted.
December sales were up in six out of nine
retail categories on a yearly basis, led by online sales, health and personal
care stores and clothing and accessory stores, and up in five categories on a
monthly basis.
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The results follow NRF’s forecast that
holiday retail sales from 1 November through 31 December – excluding autos, gas
and restaurants – would increase between 3% and 4% over 2022 to a record of
between $957.3bn and $966.6bn. The forecast is based on preliminary data from
the US Census Bureau.
