Retail sales for the 2024 holiday shopping season grew by 4% year-over-year, totaling nearly a trillion dollars.
According to data from the National Retail Federation (NRF), retailers set a new record for holiday sales in 2024, beating the previous high of $955.6 billion from 2023. The 4% year-over-year boost also beat the NRF’s forecast of 2.5-3.5%, thanks in large part to the continued growth of online shopping, as well as a focus on early buying. Between November and December, seven of nine retail categories tracked by the U.S. Census Bureau also saw year-over-year gains in total sales, led by an 8.6% increase for online stores, 5.6% for furniture and home furnishings, 3.7% for electronics and appliances, and 3% for health and personal care.
“Consumers came out to spend this holiday season, and clearly underscored the solid growth in the U.S. economy,” NRF chief economist Jack Kleinhenz said in a January 16 news release, pointing to falling inflation rates as one of the main drivers.
Read More: How Strong Economy, Year of Disruptions Defined 2024’s Shopping Season
Signs that consumers were getting their shopping done earlier were evident for months leading into the Christmas holiday, too. According to an October 2024 survey of more than 1,000 U.S. consumers from the International Council of Shopping Centers, 78% of respondents said that they had started their holiday buying sooner than usual, half of whom said that they were taking advantage of early discount deals from retailers. Data from online retail platform Fast Simon also found that traffic to its e-commerce clients’ sites reached up to 38 times the norm prior to Black Friday.
