Holiday season shopping begins strong
The holiday shopping season started strong as U.S. consumer retail sales in November grew 5 percent year over year, according to the National Retail Federation (NRF). Additionally, the NRF reported 15.3 percent year-over-year growth in online and non-store sales as online shopping continues to be a popular way to avoid the lines during the holiday season.
The Retail Association of Nevada has projected consumer spending to grow by 4.2 percent for the holiday season, slightly higher than the national forecast of 3.6 percent. The latest national figures indicate that Nevada retail sales are on track to meet or possibly exceed these projections as shoppers take advantage of gains in household wages and jobs.
“We certainly expected a strong holiday shopping season for 2016, and the nationwide indicators are demonstrating that consumers are confident in their spending power” said Bryan Wachter, senior vice president of RAN.
At the national level, health and personal care stores along with building materials and supplies stores have both seen growth of over 7 percent year over year. Electronics and appliance store sales have remained relatively flat year over year with 2.5 percent growth in November. Clothing and accessories sales grew 1.9 percent over that same time period, while general merchandise stores reported sales growth of 1.4 percent