The growth happened amid wage gains and easing inflation for goods.
NRF Chief Economist says the economy should continue to do well the remainder of this year.
NRF’s Monthly Economic Review, said the economy “has been more resilient than expected” and shows “no sign of a recession.”
Total retail sales for all of 2023 were up 5.32% over 2022 and core retail sales were up 4.46%.
The total return rate for 2023 was 14.5%, according to a report from NRF and Appriss Retail.
The economy has proven to be healthy even as it continues to slow, according to NRF’s Monthly Economic Review.
The figures surpassed NRF’s initial expectations by more than 18 million.
NRF expects record spending during the holiday season and forecast retail sales to increase between 3% and 4% over 2022.
National Retail Federation Chief Economist says “consumers remain in the driver’s seat, and are resilient.”
NRF Chief Economist says the consumer is still healthy, and households are forging ahead with plenty of buying power.
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