Despite December Slow Down In Consumer Spend, Holiday Sales Were Up 8.3%

Retail trade sales in December were down slightly compared to November (seasonally adjusted) at minus 1.2% but showed a healthy increase over last December at 5.2%. “While economic factors like higher prices and interest rates may have factored into the December dip, let’s also remember the goalposts keep moving as to when the holiday shopping season begins,” stated Jonathan Silver, CEO of Affinity Solutions.

Since the pandemic, there has been a decrease in consumer spending in December compared to November. In 2021, December sales were down 1.2% compared to November, demonstrating a shift in how consumers shop for holidays. For the past few years, retailers have been starting holiday promotions as early as October, which has elongated the holiday selling season. Total holiday sales, including October through December, were up 8.3% compared to 2021.