Retail sales continued to increase in October as consumers disregarded inflation concerns, with many getting a head start on the holiday season.
October retail sales data confirms that consumers continue to make their dollars go further as they prioritize household expenditures while still including holiday gifts for their family and loved ones.
According to the U.S. Census Bureau, overall retail sales in October were up 1.3% from September and up 8.3% year over year. In September, sales were flat month over month but up 8.6% year over year.
Retail spending has gradually slowed but remains strong. Alongside inflationary prices, employment and wages are rising, supporting holiday spending, as is the cushion of accumulated savings. And, with retailers deeply discounting excess inventories, spending is expected to remain strong through the holidays.