2021 holiday retail sales beat original expectations hitting a record high, growing 14.1% to $886.7 billion, the National Retail Federation (NRF) just announced. The total reflects sales during November and December and includes online and other non-store sales, which rose 11.3%, hitting $218.9 billion.
This accomplishment, says Matthew Shay, NRF president and CEO, “is a clear testament to the power of the consumer and the ingenuity of retailers and their workers,” and was achieved despite “challenges from inflation, supply chain disruptions and the ongoing pandemic.”
In response to concerns about supply chain disruptions, consumers shopped early, starting in October. Even so, “this was the strongest November and December we’ve ever seen,” says NRF chief economist Jack Kleinhenz, who adds, “holiday spending during 2021 reflected continued consumer demand that is driving the economy and should continue in 2022.”
Shay says the NRF expects further growth this year and calls 2021 “an undeniably outstanding year for retail sales.”
Holiday and ribbon stock photos by linear_design/Anasteysha Sey/Shutterstock