U.S. Consumers Continue Buying Spree in November

U.S. consumers continued buying strongly in November, for the third straight month, as they took advantage of holiday promotions.

According to the National Retail Federation (NRF) November retail sales in the GAFS category (general merchandise stores, clothing and clothing accessories stores, furniture and home furnishings stores, electronics and appliances stores, and sporting goods, hobby, book and music stores) rose 4.7 percent over last year and increased 0.2 percent seasonally adjusted over October.

November sales are in line with the NRF's forecast of 4.5 percent growth in holiday sales (November and December), which are predicted to reach $219.9 billion.

“Consumers are still in the game, with many splurging on high-end merchandise,” said NRF Chief Economist Rosalind Wells. “November sales are an indicator that the holiday season is off to a good start.”

November retail sales published by the U.S. Commerce Department show that total retail sales (including non-general merchandise categories such as autos, gasoline stations and restaurants) rose 0.1 percent seasonally adjusted from October and increased 9.0 percent unadjusted year-over-year.

Consumers were particularly strong buyers of electronics and appliances in November, while building materials and garden equipment and supplies dealers also had a good month.

“Looking at the entire retail industry, holiday sales are meeting our expectations,” said NRF President and CEO Tracy Mullin. “Comp store sales, which measure individual companies’ performances, clearly don't tell the story of the entire retail industry.”