Retail sales during 2022’s November-December holiday season grew 5.3% over 2021 to $936.3 billion, less than forecasted amid continuing inflation and high interest rates. Despite missing holiday growth expectations, sales for the year grew 7% over 2021 to $4.9 trillion, meeting expected growth of 6% to 8% for the year.
Over the past two years, retail sales have been unprecedented and thought by many to be unsustainable. Retail has had impressive annual sales and a positive holiday season despite historic levels of inflation and interest rate hikes intended to cool the economy. Retail sales growth in 2022 shows the resilience of consumers and the creativity of retailers amidst high inflation and continued cost pressures.