November Retail Sales Grow Overcoming Calendar Shift

Retail sales were up in November even as two of the holiday season’s busiest shopping days shifted into December and were a part of the month’s totals, according to the CNBC/NRF Retail Monitor.

Total retail sales, excluding automobiles and gasoline, were up 0.15% seasonally adjusted month-over-month and up 2.35% unadjusted year-over-year in November, according to the Retail Monitor. That compared with increases of 0.74% month-over-month and 4.13% year-over-year in October.

The Retail Monitor calculation of core retail sales (excluding restaurants in addition to automobile dealers and gasoline stations) was down 0.19% month-over-month in November but up 1.43% year-over-year. That compared with increases of 0.83% month-over-month and 4.59% year-over-year in October.

“November sales increased on top of a strong October and would have been even higher if Thanksgiving Sunday and Cyber Monday hadn’t fallen in December,” said Matthew Shay, president and CEO of the NRF. “Year-over-year gains were solid even as retail prices in many categories are lower this year, showing that consumers are buying more merchandise as the economy continues to grow. We remain confident in our holiday forecast.”

Total sales were up 2.15% year-over-year for the first 11 months of 2024 and core sales were up 2.33%. The numbers come as NRF is forecasting that retail sales during the November-December holiday season will grow between 2.5% and 3.5% over 2023.

November sales were up in five out of nine retail categories on a yearly basis, led by online sales, grocery and beverage stores, and clothing and accessories stores. Sales were up in two categories on a monthly basis. Specifics from key sectors include:

• Online and other non-store sales were up 1.32% month-over-month seasonally adjusted and up 21.48% year-over-year unadjusted.
• Grocery and beverage stores were up 0.95% month-over-month seasonally adjusted and up 5.31% year-over-year unadjusted.
• Clothing and accessories stores were down 0.18% month-over-month seasonally adjusted but up 4.21% year-over-year unadjusted.
• General merchandise stores were down 0.05% month-over-month seasonally adjusted but up 2.01% year-over-year unadjusted.
• Health and personal care stores were down 0.16% month-over-month seasonally adjusted but up 1.64% year-over-year unadjusted.
• Furniture and home furnishings stores were down 0.8% month-over-month seasonally adjusted and down 1.15% year-over-year unadjusted.
• Building and garden supply stores were down 2.19% month-over-month seasonally adjusted and down 2.93% year-over-year unadjusted.
• Electronics and appliance stores were down 2.19% month-over-month seasonally adjusted and down 7.28% year-over-year unadjusted.
• Sporting goods, hobby, music, and bookstores were down 1.2% month-over-month seasonally adjusted and down 7.39% year-over-year unadjusted.