Retail enjoyed a boost in sales in October as Americans began their holiday shopping early to avoid pandemic-related supply chain issues, reports the National Retail Federation (NRF).
“Retail sales data for October reflects the enduring strength of consumers’ finances and willingness to spend as the holiday season gets underway,” NRF President and CEO Matthew Shay said.
Overall retail sales were up 1.7 percent in October, seasonally adjusted from September, and rose 16.3 percent year over year. Despite occasional month-over-month declines, sales have grown year-over-year every month since June 2020, according to U.S. Census data.