NRF: Holiday sales up 4% to $616.1 billion, biggest increase since 2011

Washington, D.C. -- Total holiday sales, which include November and December sales, increased 4% to $616.1 billion, the largest percentage increase since 2011, according to the National Retail Federation. The total was in line with NRF’s projected forecast of 4.1%. It was also well above the previous year’s 3.1% increase and the 10-year average of 2.9%, the group said.



The holiday increase occurred even in the face of a sales slump in December. According to the NRF, December retail sales, which exclude automobiles, gas stations and restaurants, decreased 0.9% seasonally adjusted month-to-month.



“Preliminary holiday results affirm our initial belief that consumers going into the holiday season had the spending power necessary to give retail the shot in the arm it needed," said NRF chief economist Jack Kleinhenz. "While December’s figures are disappointing, holiday sales in 2014 are the best we've seen since 2011. We remain positive about the future and expect to see consumers continue to benefit from the extra income gained from an improved job market and the dramatic fall in gas prices. It is important to recognize that December is a very difficult month to adjust for seasonal forces because of holiday spending and this could explain in part this month’s volatility."