Retail trade group: Holiday sales up 5.5 percent

Retail trade group: Holiday sales up 5.5 percent Photo: AP

January 12, 2018 11:21 AM

NEW YORK (AP) — The nation's largest retail trade group says holiday spending rose a better-than-expected 5.5 percent, the strongest gain since the Great Recession.

The National Retail Federation said Friday holiday sales reached $691.9 billion as shoppers stepped up their spending in the wake of a better economy. The results beat the group's original growth projections of 3.6 percent to 4 percent, and it marked the largest increase since the 5.2 percent gain in 2010.

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Online shopping, which is included in the results, increased 11.5 percent.

The overall figure exclude sales from autos, gas and restaurants but includes non-store sales like those from catalogs.

The news comes as the government reported that retail sales rose 0.4 percent last month, after a 0.9 percent surge in November.

Many retailers reported solid holiday sales gains.

Credits

By ANNE D'INNOCENZIO

(Copyright 2018 by The Associated Press. All Rights Reserved.)

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