U.S. Holiday Retail Sales Grow A 'Solid' 7.9 Percent
Furniture World News Desk on
MasterCard Advisors SpendingPulse recently announced strong online sales and demand for furniture and women's apparel helped U.S. retail sales grow by a "solid" 7.9 percent this holiday season.
Excluding vehicles and gas, U.S. retail sales
had grown 5.5 percent in the period between Black Friday and Christmas Eve last year.
"The double-digit growth in furniture sales ... shows that consumers are willing and able to splurge on big ticket items," Sarah Quinlan, senior vice president of Market Insights at MasterCard Advisors, said in the report.
A delay in the onset of cold weather pushed back apparel buying this fall, so there was pent up demand that played out after Black Friday, she said.
Quinlan said consumers were spending the money they were saving from lower gas prices.
The National Retail Federation, a leading industry group, has forecast a 3.7 percent rise in store and online sales in November and December this year, with online sales expected to rise 6-8 percent.