American consumers spent more than $500 billion during 2012 holiday season
As expected, American consumers were more confident about the nation’s economy and their own financial conditions this holiday season, as total retail sales for 2012 increased from last year’s amounts.
According to a report from the National Retail Federation (NRF), shoppers spent approximately $579.8 billion throughout November and December, marking a 3 percent increase from holiday retail sales in 2011. Although consumers boosted their spending, the results were somewhat disappointing, as NRF had forecasted a 4.1 percent jump.
On a monthly basis, December’s retail sales grew 0.8 percent from November. The month’s total retail sales were also a 2.1 percent from the same time in 2011, the NRF stated. The sectors that saw the highest boosts in December include clothing, health and personal care, sporting goods and bookstores. NRF officials said that the fiscal cliff negotiations and the slow but steady economic improvement contributed to less-than-stellar sales during the last part of 2012.
“For over six months, we’ve been saying that the fiscal cliff and economic uncertainty could impact holiday sales. As the number shows, these issues had a visible impact on consumer spending this holiday season,” NRF President and CEO Matthew Shay said.
