There’s good news for retail outlets located across the U.S. – consumers continue to increase the amount of money they’re spending at credit card terminals
The U.S. Census Bureau recently reported that November retail sales were up by 0.7 percent, outpacing projections and providing the highest such increase recorded at any point during the past five months. High-volume holiday-based shopping days, such as Black Friday, helped to bolster revenue rates, as well as the many discounts offered to consumers at online credit card payment processing pages following Thanksgiving.
“Retail sales look great,” Chris Rupkey, chief U.S. economist for Bank of Tokyo Mitsubishi, told USA Today. “The latest Bloomberg poll says Americans think Washington uncertainty is hurting economic growth, but you’d never know it because they are still going out and buying goods at the shops and malls.”
The U.S. Census Bureau also announced that retail sales rates for October had been revised. Previously, it had been reported that retail sales rose by 0.4 percent during that month, but the Bureau now reports that they increased by a total of 0.6 percent. In total, retail sales have climbed by 4.7 percent throughout 2013, according to the Bureau. which suggests that revenue will continue to increase throughout the rest of the holiday shopping season, as consumers continue to rush to take advantage of the sales offered in conjunction with winter holidays.
Experts weigh in on retail sales rates
Many individuals have weighed in on the latest retail sales report, with many noting that the information released should offer heartening news to store owners. Joseph LaVorgna, chief U.S. economist at Deutsche Bank Securities Inc., told Bloomberg that the report suggests the economy will continue to improve in general, for example.
“We’re getting a tailwind from lower gas prices, significant tailwinds from higher wealth through equities and real estate and last, but certainly not least, an acceleration in wages,” LaVorgna told the news outlet. “We’re going in the right direction.”
Matthew Shay, president and CEO of the National Retail Federation, also spoke about how holiday sales and discounts are helping to drive retail spending forward faster than usual.
“Consumers took advantage of a very promotional holiday season to shop at their favorite retailers during the Thanksgiving weekend,” added Shay. “Consumer confidence and sentiment are steadily improving, but spending remains at a modest pace. While it seems that the economy is improving, the future remains far from certain.”Back To Blog