October sales for grocery and beverage stores were up 1.4 percent, month over month and seasonally adjusted, and rose 6.8 percent unadjusted year over year, according to the National Retail Federation. Across all categories, retail sales grew in October as consumers set aside concerns about inflation and many got a jump start on the holiday season.
“October retail sales data confirms that consumers continue to stretch their dollars on household priorities, including gifts for family and loved ones this holiday season,” NRF president and CEO Matthew Shay said in a statement. “With a strong labor market and excess savings, we are expecting a solid five-day holiday shopping weekend, and retailers are prepared to meet their customers with the right inventory, competitive prices, and great experiences.”
The U.S. Census Bureau said Wednesday that overall retail sales in October were up 1.3 percent from September and 8.3 percent year over year. In September, sales were flat month over month but up 8.6 percent year over year.
“October’s performance is a strong foothold as we go into the holiday season,” NRF chief economist Jack Kleinhenz said in a statement. “Consumers continue to show resiliency despite elevated inflation, rising borrowing costs, and widespread macroeconomic uncertainties. With employment and wages growing and shoppers accessing accumulated savings, we expect the trend to continue. Early holiday deals that enticed customers appear to underly the October numbers and more promotions will be seen in November and December, which are historically the big holiday shopping months.”
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