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 nation’s 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.
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 nation’s 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.
NEW YORK — 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. The National Retail Federation said Wednesday that holiday sales for the combined November and December period rose 5.3% to $936.3 billion. That was a slower pace than the 13.5% increase a year earlier when shoppers began spending the money they had saved during the early part of the pandemic.Holiday retail sales have averaged an increase of 4.9% over the past 10 years, with pandemic spending in recent years accounting for considerable gains.
The numbers exclude automobile dealers, gasoline stations and restaurants and are calculated based on government figures.
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