NRF Shows Strong Holiday Spending Data

Retail sales increased during the holiday season, rising 4.1% from November to December, according to the CNBC/NRF Retail Monitor. The growth is in line with the National Retail Federation’s (NRF) forecast for record spending.

“December Retail Monitor data saw a sharp surge in growth as consumers continued prioritizing holiday spending on family and friends,” says Matthew Shay, NRF president and CEO. “Continued economic momentum helped land 2025 holiday sales near the top of NRF’s forecast, reaffirming that consumers remain on solid footing.”

Total retail sales, excluding automobile dealers and gasoline stations, were up 1.26% seasonally adjusted month over month and up 3.54% unadjusted year over year in December, according to the Retail Monitor. That compared with increases of 0.12% month over month and 4.53% year over year in November.

In December, core retail sales, which exclude automobile dealers and gas stations, increased 1.6% month over month and 3.58% year over year. That compared with a slight decrease of 0.04% month over month and an increase of 4.66% year over year in November.

A late Thanksgiving pushed Cyber Monday into December in 2025, so an additional busy day of holiday spending is included in December’s data. December’s numbers brought total 2025 sales as calculated by the Retail Monitor to an increase of 4.93% over 2024 and core sales to an increase of 5.08%.

December sales were up in six out of nine categories on a yearly basis, led by clothing stores, sporting goods stores and digital products and were up across the board on a monthly basis. Specifics from key sectors include:

• Clothing and accessories stores were up 2.05% month over month, seasonally adjusted and up 6.11% year over year, unadjusted.
• Sporting goods, hobby, music and book stores were up 3.52% month over month seasonally adjusted and up 5.16% year over year, unadjusted.
• Digital products (such as electronic books and games) were up 0.98% month over month, seasonally adjusted and up 3.6% year over year, unadjusted.
• General merchandise stores were up 2.9% month over month, seasonally adjusted and up 3.42% year over year, unadjusted.
• Grocery and beverage stores were up 0.33% month over month, seasonally adjusted and up 2.85% year over year, unadjusted.
• Electronics and appliance stores were up 2.28% month over month, seasonally adjusted but down 0.09% year over year, unadjusted.
• Furniture and home furnishings stores were up 0.33% month over month, seasonally adjusted but down 0.82% year over year, unadjusted.