NRF: Retail sales rise in October as consumer spending remains ‘solid’

Retail sales bounced back in October with both monthly and year-over-year gains as consumers geared up for the holiday season. 

Core retail sales (excluding restaurants, automobile dealers and gasoline stations) in October rose 0.6% month and up 4.89% year over year, according to the NRF/CNBC Retail Monitor released by the National Retail Federation. 

The October sales report comes days after the NRF released its annual holiday forecast, which predicted that that sales in November and December will grow between 3.7% and 4.2% over 2024. That translates to total spending between $1.01 trillion and $1.02 trillion

“Recent economic data has been mixed, yet consumer spending remains solid — supported by wage growth outpacing inflation, historically low unemployment, and wealth effects from strong stock market valuations,” said NRF president and CEO Matthew Shay. “These factors point to continued momentum heading into the holidays.”

NRF: Retail sales rise in October as consumer spending remains ‘solid’ | Chain Store Age

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