Holiday sales 2020: NRF said holiday sales rose 8.3%, topping estimates

According to data released by the National Retail Federation last Friday, as consumers embraced the gift-giving season as a way to cheer up during the holiday season, holiday retail sales increased by 8.3% over 2019.

.

"Face

Due to the country’s restrictions on retailers and increased political and economic uncertainty, in a challenging year, consumers choose to spend some gifts to boost the spirit of family and friends and provide a sense of normalcy. "National Retail President and CEO Matthew Shay said Federal, in a statement.

This exceeded the expectations of major retail trade groups and was more than twice the average annual growth. NRF predicts in November

The year-on-year increase was 3.6% to 5.2%, and the amount was between 755.3 billion US dollars and 766.7 billion US dollars. It said Americans will spend more money because they have reduced the cost of travel and dining out and are hopeful about the distribution of Covid vaccine.

According to NRF, holiday sales have increased by an average of 3.5% in the past five years and 4% in 2019. The sale does not include car dealers, gas stations and restaurants.

The pandemic has changed the typical holiday shopping pattern. Many retailers started selling products as early as October,

. they

And expanded contactless options, such as curbside pickup, to reduce the number of shoppers crowded in the store.

Even so, there are still some factors beyond the retailer's control, such as economic uncertainty and unemployment during recessions and fewer gatherings with family and friends.

Jack Kleinhenz, NRF's chief economist, said that the sharp increase in holiday sales "is really amazing given that the economy has gone to extremes." He said that the monthly figures reflect the push and pull of various factors, from temporary store closures and vacations to incentive payments.

He said that in the end, consumers' mentality and savings accounts inspired their consumption. He said that sales figures show that in a difficult year, more people want a better holiday than usual, and after canceling the holiday and spending money safely, more money can be used to save.

He said that even for low-income families and the unemployed, the desire to celebrate the holiday is strong.

He said: "This holiday will come once a year. As far as the economic situation is concerned, even the most challenged people will still focus on the holiday." "They will do their best."

Holiday sales also reflect pandemic trends such as cooking and exercising at home and handling DIY projects. NRF data shows that online and other non-store sales have grown the fastest, with a year-on-year increase of nearly 24%.

Sales of building materials and garden supplies stores increased by nearly 20%. This was followed by sales of sporting goods stores which increased by approximately 15%, and sales of grocery and beverage stores by nearly 10%. Sales of health and personal care stores and furniture and home furnishing stores increased by 5% and 2%, respectively.

Grocery store sales are almost flat. Sales at electronics and electrical stores fell by 14%. Sales in clothing and clothing accessories stores fell by approximately 15%. Some consumers who buy laptops or pajamas may be classified as online sales or non-store sales, because customers are shopping from the sofa or using options such as roadside pickup. In addition, as people work and go to school from home, some electronic products may have been purchased earlier this year.

Retailers have begun to report some of their personal sales results.

, As people work from home, sales of sports and leisure products are strong,

Due to the strong holiday season, its expectations are high.

Say online and store comparable sales

As holiday customers flock to convenient, non-contact options, such as picking up goods on the roadside. however

with

Reported

Many shoppers avoid shopping centers.

Have a confidential news tip? We hope to hear from you.

Sign up for the newsletter for free and deliver more CNBC to your inbox

Send it to your inbox with more information about our products and services. 

©

2021

CNBC LLC. all rights reserved.

The data is a real-time snapshot * The data is delayed at least 15 minutes. Global business and financial news, stock quotes, and market data and analysis.

Data is also