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for items from apparel to electronics.
The National Retail Federation said holiday sales for November and December climbed four percent to $729.1 billion, the largest annual increase since 2016 and higher than the trade group’s 3.8 percent prediction.
The results highlight how consumers, despite growing concerns over the economic outlook, elected to spend during the holiday season. The consumer sector has been integral to U.S. economic growth over much of the past decade and this year’s strong holiday showcase was likely bolstered by a combination of tight labor market, wage gains, and a relatively light level of deflationary pressure.
At the same time, the spending came at a cost for shoppers. All categories of consumer spending increased from apparel to electronic gadgets, and prices for most goods were relatively higher due to tariffs on imports from China.
The holiday results point to economic expansion continuing into 2020. With spending likely to remain healthy, the U.S. will likely continue to see modest growth which would be a boon to retailers and manufacturers in the coming year.