U.S. holiday sales rise 8.3% in 2020 as stimulus checks boost spending: NRF By Reuters

© Reuters. FILE PHOTO: People visit at the shops at Hudson Yards during early opening for the Black Friday sales in Manhattan, New York

(Reuters) – U.S. holiday sales jumped 8.3% last year to record their best growth in at least 19 years, as consumers used their stimulus checks to splurge on gifts, the National Retail Federation (NRF) said on Friday.

The retail group said holiday sales, including e-commerce, grew to $789.4 billion, beating it’s forecast of between 3.6% and 5.2% growth.

The sales jump last year was more than double the 3.5% average holiday growth over the previous five years, including 2019’s 4% gain, NRF said.

“The promise of a new round of stimulus checks after a deal was struck before Christmas helped increase consumer confidence,” NRF Chief economist Jack Kleinhenz said.

Kleinhenz noted that Americans were able to spend more on gifts this year as they had saved more money from the stimulus checks on account of not being able to travel or eat out due to the lockdown restrictions.

Online and other non-store sales for the festive period were up 23.9% at $209 billion.

Consumers took advantage of curbside pickups and quick in-store trips as a bulk of gifts and other holiday-related items were bought during the third and fourth weeks of December, when it became late to expect deliveries of online purchases by Christmas, the NRF said.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Be the first to comment

Leave a Reply

Your email address will not be published.