New retail sales data indicates a solid finish to the 2025 holiday season, with consumer spending meeting the upper end of national forecasts. According to the CNBC and NRF Retail Monitor, holiday sales from November 1 through December 31 increased 4.1 percent compared with the same period in 2024, aligning with expectations for growth between 3.7 percent and 4.2 percent and total sales of just over $1 trillion.
December played a key role in the overall performance. Total retail sales, excluding automobile dealers and gasoline stations, rose 1.26 percent from November and were up 3.54 percent year over year. Core retail sales, which also exclude restaurants, increased 1.6 percent month over month and 3.58 percent year over year. A late Thanksgiving shifted Cyber Monday into December, adding an additional high volume shopping day to the month’s results.
Across the full year, Retail Monitor data showed total retail sales up 4.93 percent in 2025, while core sales increased 5.08 percent compared with 2024. Unlike survey-based estimates, the Retail Monitor uses anonymized credit and debit card transaction data, providing a detailed snapshot of actual consumer spending.
Six of nine retail categories posted year-over-year gains in December. Clothing and accessories, sporting goods, and digital products led growth, while grocery, health, and general merchandise stores also saw increases. Some categories, including building and garden supplies, furniture, and electronics, experienced modest annual declines despite month-over-month improvements.
Overall, the data suggests consumers remained engaged during the holiday season, supporting steady retail activity as the year closed.
