IE Business Daily Business news for the Inland Empire.
U.S. retail sales during the 2023 holiday season grew 3.8 percent compared with 2022, according to the U.S. Census Bureau.
Despite inflation and higher interest rates, sales in November and December totaled $964.4 billion, a record that easily surpassed the $929.5 billion in sales recorded the year prior, the census bureau reported.
For the year, retail transactions reached $5.1 trillion, a year-over-year increase of 3.6 percent compared with 2022.
“Consumer spending was remarkably resilient throughout 2023 and finished the year with a solid pace for the holiday season,” said Jack Kleinhenz, chief economist with the National Retail Federation, in the statement. “Although inflation has been the biggest concern for households, the price of goods eased notably and was helped by a healthy labor market.”
The retail federation predicted a three to four percent increase in holiday sales, according to the statement.
