US RETAIL sales during 2021's November to December holiday season grew 14.1 per cent over 2020 to US$886.7 billion, beating the National Retail Federation's (NRF) forecast and setting a new record despite challenges from inflation, supply chain disruptions and the ongoing Covid crisis, reports the American Journal of Transportation.
The number includes online and other non-store sales, which were up 11.3 per cent at $218.9 billion.
'We closed out the year with outstanding annual retail sales and a record holiday season, which is a clear testament to the power of the consumer and the ingenuity of retailers and their workers,' said NRF president and CEO Matthew Shay.
'Despite supply chain problems, rising inflation, labour shortages and the omicron variant, retailers delivered a positive holiday experience to pandemic-fatigued consumers and their families. Consumers were backed by strong wages and record savings and began their shopping earlier this year than ever before,' said Mr Shay.
'This is, in part, why we saw a decline in sales from November to December. NRF expects further growth for 2022, and we will continue to focus on industry challenges presented by Covid-19, the supply chain, labour force issues and persistent inflation. The numbers are clear: 2021 was an undeniably outstanding year for retail sales.'
Said NRF chief economist Jack Kleinhenz: 'Retail sales displayed solid momentum throughout the holiday season,'
'Worries about inflation and COVID-19 put pressure on consumer attitudes but did not dampen spending, and sales were remarkably strong. Even though many consumers began shopping in October, this was the strongest November and December we've ever seen,' said Mr Kleinhenz.
'Despite supply chain challenges, retailers kept their shelves stocked and consumers were able to fill their carts both in-store and online. Holiday spending during 2021 reflected continued consumer demand that is driving the economy and should continue in 2022. Nonetheless, we should be prepared for challenges in the coming months due to the substantial uncertainty brought by the pandemic.'
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The number includes online and other non-store sales, which were up 11.3 per cent at $218.9 billion.
'We closed out the year with outstanding annual retail sales and a record holiday season, which is a clear testament to the power of the consumer and the ingenuity of retailers and their workers,' said NRF president and CEO Matthew Shay.
'Despite supply chain problems, rising inflation, labour shortages and the omicron variant, retailers delivered a positive holiday experience to pandemic-fatigued consumers and their families. Consumers were backed by strong wages and record savings and began their shopping earlier this year than ever before,' said Mr Shay.
'This is, in part, why we saw a decline in sales from November to December. NRF expects further growth for 2022, and we will continue to focus on industry challenges presented by Covid-19, the supply chain, labour force issues and persistent inflation. The numbers are clear: 2021 was an undeniably outstanding year for retail sales.'
Said NRF chief economist Jack Kleinhenz: 'Retail sales displayed solid momentum throughout the holiday season,'
'Worries about inflation and COVID-19 put pressure on consumer attitudes but did not dampen spending, and sales were remarkably strong. Even though many consumers began shopping in October, this was the strongest November and December we've ever seen,' said Mr Kleinhenz.
'Despite supply chain challenges, retailers kept their shelves stocked and consumers were able to fill their carts both in-store and online. Holiday spending during 2021 reflected continued consumer demand that is driving the economy and should continue in 2022. Nonetheless, we should be prepared for challenges in the coming months due to the substantial uncertainty brought by the pandemic.'
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