November retail sales dropped from an uptick of early holiday shopping in October but still saw solid year-over-year growth, marking a strong start to the holiday season.
Despite rising inflation and increased interest rates, consumers continued to spend on priorities in November, including household items and holiday gifts. Resilient holiday shoppers have been transitioning back to in-store shopping this year, finding more traditional holiday shopping experiences and connecting with retailers that offer excellent products and experiences at affordable budget-friendly prices.
The U.S. Census Bureau last week said overall retail sales in November were down 0.6% from October but up 6.5% year over year. Year over year increases in October were 1.3% month over month and 8.3% year over year in October, a boost from earlier-than-usual holiday shopping—likely driven by concerns inflation would continue to increase prices.