Retail spending increased by 0.3 percent in November, compared to the 1.8 percent rise in October, but experts are still confident in the holiday season.
New economic data for the month of November showed an increase in retail spending among U.S. consumers compared to October, as well as a GlobalData comparison signaling a spending increase of $330 per person compared to November 2020, both good signs that consumers are pushing for a"jolly holiday season."
Sales at department stores and other retail dropped slightly, but the largest increase since July was seen in spending at restaurants, with a 1 percent increase in November. Retail statistics for November show an increase in spending compared to October, as well as a GlobalData comparison pointing to an increase of $330 per person spent last month compared to November 2020. Above, shoppers walk to the Macy's in the Downtown Crossing district, Nov. 17, 2021, in Boston, Massachusetts.Omicron emerged late in November, however, and the report Wednesday would not capture any of its negative effects.
At Kido, a small children's boutique in Chicago, spending is elevated despite an uptick of about 5 percent for toys and other items, said owner Keewa Nurullah. She expects a 15 percent increase in sales for the year.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
China's retail sales grow by 3.9% in November — slower than expectedChina's retail sales missed expectations in November, while industrial production beat, the National Bureau of Statistics said Wednesday.
Read more »
Biometrics Company Clear Brings Its Scanners to Retail StoresClear Secure, an identification services company known for its expedited screening product for air travelers, is bringing its biometric sign-up scanners to locations beyond airports.
Read more »
Retail Sales Softer Despite Rising Prices Inflating The NumbersThe retail sales report was released Wednesday morning. Investors are focusing on the Fed announcement Wednesday afternoon. Software companies are getting downgraded as analysts readjust valuations for inflation and higher interest rates.
Read more »
Apple Delays Return to Office, Closes Three Retail Stores as Covid Cases RiseApple Inc. again delayed plans to return to the office as concerns mount about the Omicron variant of the virus that causes Covid-19, and the company temporarily closed three Apple stores after a rise in cases there.
Read more »
U.S. retail sales rise moderately amid shortages, high inflationU.S. retail sales increased less than expected in November, likely payback after surging in the prior month as Americans started their holiday shopping early to avoid empty shelves.
Read more »