NEW YORK – The nation’s largest retail trade group said Friday that holiday sales soared 8.3%, far exceeding its forecast even as the coronavirus kept shoppers away from physical stores.
The National Retail Federation had expected growth in a range of 3.6% to 5.2% for the November and December period compared to the year-ago period.The outsized gains show how the pandemic has caused a major shift in spending away from restaurants and travel and more toward buying goods that focus on activities around the home like home furnishings, food and activewear.
That trend has benefited retailers. The retail sales figures exclude sales from autos, restaurants and gas.Moreover, even within the retail industry, big box stores like Walmart and Target.