November retail sales increased 0.7 percent seasonally adjusted from October and increased 5 percent unadjusted year-over-year, according to the National Retail Federation (NRF).
“Consumers have the capacity and confidence to spend this holiday season,” NRF Chief Economist Jack Kleinhenz says. He cites stronger employment, improved wages, tax cuts, and increased net worth as reasons for the increase.
This puts holiday spending on track to meet the NRF’s forecast for a total between $717.45 billion and $720.89 billion in spending during November and December. This would be a year-over-year increase between 4.3 and 4.8 percent.
Specifically, online and other non-store sales were up 12.1 percent year-over-year and up 2.3 percent month-over-month seasonally adjusted.
The numbers exclude automobiles, gasoline stations and restaurants.