According to figures released today by the U.S. Department of Commerce, retail sales grew again in December for the sixth consecutive month, totaling more than $380 billion. December's total retail sales exceeded monthly sales figures from November 2007, the industry's highest month on record.
Monthly retail sales figures for December were up 0.6 percent over November and 7.9 percent over December 2009. Retail sales excluding auto sales were up 0.5 percent over the previous month and 6.7 percent over December 2009.
Retailers and consumers weathered severe winter storms across the country in December, which likely interfered with some additional pre- and post-holiday shopping.
"While challenges certainly still remain, consumer spending is steadily returning to pre-recession levels," said RILA President Sandy Kennedy . "The economic uncertainty and consumer anguish that defined the past three years appears to be fading as increasing signs of growth and stability in the economy emerge."
With consumers in a position to spend more, retailers embraced a variety of strategies to earn shoppers business, including creative promotions and discounts and special deals both on-line and through new media and mobile channels. Also, retailers managed their inventory well during the holiday season, accurately predicting demand.
"There is good reason for optimism today in the retail industry. Those retailers that refined operations, prioritized innovation and invested wisely over the past three years, are poised to realize considerable growth in sales and profitability as consumer spending continues to rise," concluded Kennedy.
RILA is the trade association of the world's largest and most innovative retail companies. RILA members include more than 200 retailers, product manufacturers, and service suppliers, which together account for more than $1.5 trillion in annual sales, millions of American jobs and more than 100,000 stores, manufacturing facilities and distribution centers domestically and abroad.
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