U.S. retail sales growth exceeded expectations in November, with recovery driven by rebound in online sales

It is learned that on December 17, according to foreign media reports, US consumer spending performed strongly in November, with retail sales increasing by 0.7% month-on-month and online sales increasing by 1.8%, driving the overall market to rebound from the downturn in October.

According to the U.S. Census Bureau, overall retail sales in November reached $724.6 billion, up 0.7% from the previous month and 3.8% from the previous year, exceeding analysts' expectations by 0.6%. Although Cyber ​​Monday was postponed to December, early promotions during the holiday season significantly boosted online sales, up 1.8% from the previous month, becoming one of the highlights of retail sales growth.

In addition, auto sales increased 2.6% month-over-month, driven primarily by demand for replacement vehicles following Hurricanes Helene and Milton. Sporting goods, hobby, musical instruments, and bookstore sales increased 0.9% month-over-month, while building materials and garden equipment sales increased 0.4%, driven in part by post-disaster reconstruction activities. Electronics, appliances, and furniture sales also achieved solid growth, reflecting continued consumer demand for some big-ticket items.

Although overall consumption performed well, some retail categories showed signs of consumption restraint, especially the weak growth of spending by low-income households. Analysts believe that this may be related to consumers' cautious attitude towards inflation and economic uncertainty.

Jack Kleinhenz, chief economist of the National Retail Federation, pointed out that the November retail data showed a good start to the holiday season. The main drivers of spending growth were a stable job market, rising wages and mild inflation. These factors provided consumers with relatively sufficient purchasing power and supported the pace of recovery in the retail market.

Author ✎ Rayna/

Statement: This article is copyrighted and may not be reproduced without permission. If you need authorization, please contact: happy