SurveysDec 29, 2022
Consumer Confidence Bounces Back in DecemberSurveysJan 19, 2023
Inflation, Rising Interest Rates Put a Damper on Holiday Sales
Holiday sales fell short of the National Retail Federation’s expectations, rising only 5 percent year-over-year.
Retail sales were up 5 percent year-over-year from Nov. 1 to Dec. 31, falling below the National Retail Federation’s forecast of 6-8 percent sales growth.
Washington—The National Retail Federation had warned retailers that business would slow down this holiday season, up against last year’s double-digit gains, but 2022 sales came in even lower than expected.
Retail sales during the Nov. 1-Dec. 31 period were up 5 percent year-over-year to $936.3 billion, falling short of the NRF’s forecast of 6 to 8 percent sales growth and $942.6 billion-$960.4 billion in total sales.
The 2022 holiday season was up against tough comparables, with last year’s sales up nearly 14 percent to a then-record-breaking $889.3 billion.
When calculating retail sales, NRF excludes automobile dealers, gas stations, and restaurants to zero in on core retail. The numbers are not adjusted for inflation.
Online and other non-store sales rose 10 percent to $261.6 billion, in line with NRF’s forecast of growth between 10 and 12 percent and total sales of $262.8 billion to $267.6 billion.
“The last two years of retail sales have been unprecedented, and no one ever thought it was sustainable,” said NRF President and CEO Matthew Shay.
Related stories will be right here …
Retail sales during the Nov. 1-Dec. 31 period were up 5 percent year-over-year to $936.3 billion, falling short of the NRF’s forecast of 6 to 8 percent sales growth and $942.6 billion-$960.4 billion in total sales.
The 2022 holiday season was up against tough comparables, with last year’s sales up nearly 14 percent to a then-record-breaking $889.3 billion.
When calculating retail sales, NRF excludes automobile dealers, gas stations, and restaurants to zero in on core retail. The numbers are not adjusted for inflation.
Online and other non-store sales rose 10 percent to $261.6 billion, in line with NRF’s forecast of growth between 10 and 12 percent and total sales of $262.8 billion to $267.6 billion.
“The last two years of retail sales have been unprecedented, and no one ever thought it was sustainable,” said NRF President and CEO Matthew Shay.
Despite the year-end slowdown, annual sales were strong in the face of historic inflation and rising interest rates.
Full-year sales were up 7 percent year-over-year to $4.9 trillion, in line with NRF’s forecast of 6-8 percent growth for the year.
“Consumers shopped in record numbers and retailers delivered positive holiday experiences to inflation-wary consumers, offering great products at more promotional price levels to fit their stretched budgets,” said Shay.
“The fact that we saw retail sales growth on top of December’s 14 percent gain in 2022 shows the resilience of consumers and the creativity of retailers in driving consumption and economic activity while addressing high inflation and continued cost pressures.”
The average holiday sales growth over the previous 10 years was around 5 percent, making this year’s numbers all the more impressive, noted NRF, especially in light of the economic headwinds.
Inflation and rising interest rates weren’t the only Grinches of the holiday season.
“We knew it could be touch-and-go for final holiday sales given early shopping in October that likely pulled some sales forward plus price pressures and cold, stormy weather,” said NRF Chief Economist Jack Kleinhenz.
“The pace of spending was choppy, and consumers may have pulled back more than we had hoped, but these numbers show that they navigated a challenging, inflation-driven environment reasonably well.”
For the holiday season, all but two of the nine retail categories NRF tracks saw year-over-year growth.
Growth was led by online sales (10 percent), followed by grocery and beverage stores (8 percent), then general merchandise and sporting goods stores (both up 4 percent).
The decliners were electronics and appliance stores (6 percent) and furniture stores (1 percent).
“The bottom line is that consumers are still engaged and shopping despite everything happening around them,” said Kleinhenz.
Editors' Picks
Sponsored by
More on Surveys
The Latest
GradingJan 14, 2025
GIA CEO, President Susan Jacques to Retire at the End of 2025The grading lab said the search for her successor is underway.
ColumnistsJan 14, 2025
Jules Kim: Building Bridges Between Creators and IndustryIn this special op-ed, designer Jules Kim calls on big brands to collaborate with independent creators instead of copying their designs.
Policies & IssuesJan 14, 2025
These Designers and Retailers Are Raising Money for LA Wildfire Relief Several jewelry designers are lending a helping hand to charities in Los Angeles amid the raging wildfires.
Brought to you by
3 New Year’s Resolutions for Jewelry Lovers The new year feels like a clean slate, inspiring reflection, hope, and the motivation to become better versions of ourselves.
GradingJan 14, 2025
Former SSEF Director Henry A. Hänni DiesA pioneering figure in gemology, he is remembered for his spirit of generosity, curiosity, and joy.
Weekly QuizJan 09, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
FinancialsJan 14, 2025
Signet Jewelers Lowers Q4 Guidance After Holiday Sales Fall ShortThe peak selling days leading up to Christmas did not meet the jewelry retailer’s expectations.
MajorsJan 14, 2025
Edouard Schneider Joins Messika as Chief Brand OfficerSchneider brings over 20 years of luxury and fashion industry experience to his role as a key member of the brand’s global leadership team.
Brought to you by
A Diamond Is Forever Celebrates "Forever Present" Holiday CampaignA Diamond is Forever hosted a holiday celebration in honor of their new marketing campaign, ‘Forever Present.’
SourcingJan 13, 2025
Zambia Reinstates 15% Export Duty on Precious Gemstones, Shocking GemfieldsGemfields said the Zambian government revoked the 2019 suspension of the tax with no warning.
TechnologyJan 13, 2025
Ultrahuman Unveils Luxury Smart RingWith versions in 18-karat gold and platinum, the wearables company is blending health technology and fine jewelry.
Policies & IssuesJan 13, 2025
Brandee Dallow Elected President of Ethical MetalsmithsThe executive brings more than two decades of industry experience to the role.
IndependentsJan 13, 2025
The Seven Pops Up in Palm BeachThe New York City-based retailer is bringing its curation of jewels to a pop-up shop at Love Binetti in Palm Beach, Florida.
Policies & IssuesJan 10, 2025
Jewelers Relief Fund Reopened to Aid Victims of LA Fires Created by JA and DCA, the fund is collecting money for jewelry businesses damaged by the wildfires in Los Angeles County.
TrendsJan 10, 2025
Piece of the Week: Elsa Jin’s ‘Mozi’ BroochAdrien Brody received his first Golden Globe while wearing the “Mozi” brooch, which depicts a spill of traditional Chinese calligraphy ink.
SourcingJan 10, 2025
De Beers, GJEPC Partner to Promote Natural DiamondsThe pair will work together to support independent retailers in India with marketing assets, training materials, and other tools.
CrimeJan 09, 2025
US Customs Seizes Counterfeit Tiffany & Co. JewelsOfficers in Champlain, New York valued the jewels, if genuine, at nearly $30,000.
CollectionsJan 09, 2025
Karma El Khalil’s New Collection is an Ode to the MoonThe “Moonlight Rhapsody” collection is overflowing with gemstones, from raw opal to morganite and spessartite.
Events & AwardsJan 09, 2025
Here Is the 2025 AGTA GemFair Tucson Educational LineupThe seminar series covers topics from market trends and colored stone terminology to working with museums and growing an Instagram profile.
SourcingJan 09, 2025
Reena Ahluwalia Unveils New Works in ‘Diamond Trails’ AnthologyThe artist collaborated with industry creatives on the project, which features five fictional stories and five corresponding paintings.
IndependentsJan 09, 2025
Virginia Jewelers Raise Nearly $26K for Children’s Hospital at Charity BallNine jewelers donated jewels for a raffle to support the Children’s Hospital Foundation at Virginia Commonwealth University.
WatchesJan 08, 2025
Oris Debuts Hot Pink Miss Piggy WatchMiss Piggy shared her thoughts on being fabulous, the importance of accessories, and how to be your own cheerleader.
Lab-GrownJan 08, 2025
Effy Introduces Brand Dedicated to Lab-Grown Diamonds“Promise by Effy” includes fashion jewelry and engagement rings.
IndependentsJan 08, 2025
Haltom’s Jewelers to Close After 130 YearsThe Texas-based jeweler is closing all three locations.
TrendsJan 08, 2025
Zendaya’s Engagement Ring Combines Vintage and Modern ElementsZendaya’s ring, featuring an east-west set elongated cushion-cut diamond, is said to be from British designer Jessica McCormack.
ColumnistsJan 07, 2025
The Smart Lab: The Hottest Digital Marketing Trends For 2025Micro-influencers, customer reviews, and shoppable videos are going to be key to getting customers’ attention, Emmanuel Raheb writes.
TrendsJan 07, 2025
Amanda’s Style File: January Is for GarnetGarnet is comprised of a group of minerals, giving those with a birthday in January options when it comes to their birthstone.
IndependentsJan 07, 2025
Edge Retail Academy Names 2024 ‘Wag’ Award Winner The annual award, created in memory of business coach William “Wag” Wagner, went to a retailer in Fairfax, Virginia.
