Retail spending increased by 0.3 percent in November, compared to the 1.8 percent rise in October, but experts are still confident in the holiday season.
New economic data for the month of November showed an increase in retail spending among U.S. consumers compared to October, as well as a GlobalData comparison signaling a spending increase of $330 per person compared to November 2020, both good signs that consumers are pushing for a"jolly holiday season."
Sales at department stores and other retail dropped slightly, but the largest increase since July was seen in spending at restaurants, with a 1 percent increase in November. Retail statistics for November show an increase in spending compared to October, as well as a GlobalData comparison pointing to an increase of $330 per person spent last month compared to November 2020. Above, shoppers walk to the Macy's in the Downtown Crossing district, Nov. 17, 2021, in Boston, Massachusetts.Omicron emerged late in November, however, and the report Wednesday would not capture any of its negative effects.
At Kido, a small children's boutique in Chicago, spending is elevated despite an uptick of about 5 percent for toys and other items, said owner Keewa Nurullah. She expects a 15 percent increase in sales for the year.
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