Black Friday and Cyber Monday Spur November Sales

(IDEX Online News) – The shortened holiday shopping season spurred consumer spending in November as Americans took advantage of Black Friday and Cyber Monday deals to make holiday purchases, according to the National Retail Federation.

November retail sales, excluding automobiles, gas stations and restaurants, increased 0.6 percent seasonally adjusted month-to-month, and 3.9 percent unadjusted year-over-year. The sales figures are in line with the NRF’s holiday sales forecast of 3.9 percent growth.

“Consumers took advantage of a very promotional holiday season to shop at their favorite retailers during the Thanksgiving weekend,” said NRF President and CEO Matthew Shay. “Consumer confidence and sentiment are steadily improving, but spending remains at a modest pace. While it seems that the economy is improving, the future remains far from certain.

“It is imperative that lawmakers not repeat the same mistakes that stalled the economy earlier this fall, and work together to compromise on the short-term budget agreement now before them. While the two-year budget framework eliminates the threat of another government shutdown, more work remains in order to provide businesses and retailers the confidence and certainty they need to hire workers and make strategic investment decisions. A continuation of political wrangling that dominated much of the year could easily hinder economic growth for the remainder of 2013 and beyond.”

November retail sales, released today by the U.S. Census Bureau, which include categories such as automobiles, gasoline stations, and restaurants, increased 0.7 percent seasonally adjusted month-to-month, and 4.7 percent adjusted year-over-year.

“Once again, consumers have demonstrated their ability to drive the economy forward,” said NRF Chief Economist Jack Kleinhenz. “By-and-large, consumers have pent-up purchasing power and are willing to spend this holiday season. Retailers will compete for each and every shopper and sale, and promotions and deals will continue throughout the month.

"Although this holiday season will remain challenging for some retailers, today’s sales report bodes well for a solid holiday sales season, and may provide the foundation for accelerating economic growth and momentum in the New Year.”