(Reuters) – U.S. consumers defied inflation to ring in a solid 2023 holiday shopping season that offered big discounts and flexible payments, displaying a strong appetite for beauty products and apparel, fueling a 3.8% rise in sales, National Retail Federation (NRF) data showed on Wednesday.
Holiday sales across both brick-and-mortar and online channels rose to $964.4 billion in the November through December period, falling in line with the NRF’s prior expectation of a rise between 3% and 4%, in the range of $957.3 billion to $966.6 billion.
The much-awaited report from the U.S. trade association comes as the latest sign that despite tighter shopping budgets, Americans dug into their pockets to splurge on items like electronics, apparel and health and personal care products.
“Although inflation has been the biggest concern for households, the price of goods eased notably and was helped by a healthy labor market, underscoring a successful holiday season for retailers,” NRF Chief Economist Jack Kleinhenz said.
(Reporting by Deborah Sophia and Juveria Tabassum in Bengaluru; Editing by Pooja Desai)
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