I made a prediction on my podcast over a month ago that this would be the biggest retail sales season in a long long time.
Turns out, I was right again!
“U.S. Holiday Retail Sales Are Strongest in Years, Early Data Shows,” the Wall Street Journal reported on Christmas Day.
“Total U.S. retail sales, excluding automobiles, rose 5.1% between Nov. 1 and Dec. 24 from a year earlier, according to Mastercard Spending Pulse, which tracks both online and in-store spending with all forms of payment,” WSJ says. “Overall, U.S. consumers spent over $850 billion this holiday season, according to Mastercard.”
More consumers shopped online this holiday season that ever have before, which helped the boost.
CNBC, the following day: “Retail is having its best holiday season in 6 years.”
Online spending jumped more than 25% this season, a record. Retailers allowed customers to skip crowds at the mall by buying their presents online and picking them up at designated kiosks inside stores like Walmart, Target, and Macy’s.
Amazon even went as far in some markets to have same day delivery on Christmas Eve.
“Clothing retailers like Lululemon, Abercrombie & Fitch and Old Navy had already kicked off the holiday shopping season on a high note, seeing strong sales during Black Friday weekend. Analysts say companies that sell apparel have done a better job in 2018 managing inventory and keeping product assortments fresh,” -The Financial Watchdog reported.
“Strong apparel spending signifies that consumers have confidence in the economy and are prepared to spend money on more frivolous purchases. In times of uncertainty, these are usually items that consumers first cut back on,” Business Insider reports.
Unfortunately it’s not all good as retailers still seem to be on the decline. Big Box and Mall Anchors declined 2% from the previous holiday season.
Matt Couch is the founder of America First Investigations and the CEO of the D.C. Chronicle News Group. You can follow him on Twitter @RealMattCouch