US retail sales across all categories grew 6.3% year on year in November, according to data released by the US Census Bureau and quoted by Rough & Polished. The increase is attributed to “an improving job market” spurring consumer confidence. The NRF forecasts an increase of 3.6%-4% in sales for November-December.
Jack Kleinhenz, chief economist at the National Retail Federation (NRF), commented: “This has been an impressive start to the holiday season, perhaps the best in the last few years. The combination of job and wage gains, modest inflation and a healthy balance sheet, along with elevated consumer confidence, has led to solid holiday spending by American households”.
As for jewelry, sales at specialist jewelers increased 5.8% to $24.89 billion in the first ten months of the year. There is yet no data on jewelry sales in November.
