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Monday, January 24, 2022

December retail sales fall 1.9% after early holidays

by Anne D’Innocenzio , The Associated Press

Americans beset by a lack of product options, rising prices and the arrival of Omicron, Americans sharply cut their spending in December, as early purchases in the fall fueled this year’s holiday shopping season.

The US Commerce Department said Friday that retail sales fell 1.9% seasonally from November to December when sales rose 0.3%. Sales jumped 1.8% in October, as shoppers worried about product shortages ramped up their holiday shopping.

Nevertheless, retail sales grew 16.9% last month compared to December 2020, the Commerce Department said on Friday. For the full 2021, sales grew 19.3% over the previous year.

The decline in spending was spread across several sectors. Department store sales fell 7%, restaurant sales fell 0.8% and online sales fell 8.7% over the previous month, according to the report.

Omicron was identified by the World Health Organization in late November, and the Commerce Department’s December report is the first to capture some of its effects on consumer behavior.

The monthly retail report covers only a third of total consumer spending and doesn’t include money spent on things like haircuts, hotel stays or plane tickets, all of which are more worrying about COVID-19. Upon closing the tail of the business. In November, restaurant sales rose 1% – the sector’s best performance since July.

Industry analysts suspect that shoppers who waited until the last minute and didn’t get what they wanted and took a pass or that they bought gift cards wouldn’t show up in retail data until those cards were redeemed. Don’t go

World Nation News Deskhttps://www.worldnationnews.com
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