Holiday Retail Sales in the US (2012–2024)
According to holiday spending statistics by the National Retail Federation (NRF), which defines the holiday spending period as the months of November and December, holiday season sales in the United States have been growing at an average of 4.9% per year from 2012 to 2023. The latest report suggests this is forecast to continue in 2024, reaching a record high.
Each year, American consumers continue to spend more during the holiday season, driven by factors such as increasing wages, greater savings, and evolving shopping trends. Understanding this growth pattern is crucial for businesses looking to capitalize on holiday shopping opportunities and maximize their revenues during this peak period.
US holiday spending (2012–2024): table
|
Year |
US holiday spending |
Annual change |
|
2012 |
$567.6 billion |
+2.6% |
|
2013 |
$583.1 billion |
+2.7% |
|
2014 |
$610.9 billion |
+4.8% |
|
2015 |
$627.6 billion |
+2.7% |
|
2016 |
$646.5 billion |
+3.0% |
|
2017 |
$678.9 billion |
+5.0% |
|
2018 |
$691.1 billion |
+1.8% |
|
2019 |
$716.7 billion |
+3.7% |
|
2020 |
$781.2 billion |
+9.0% |
|
2021 |
$878.4 billion |
+12.4% |
|
2022 |
$920.0 billion |
+4.7% |
|
2023 |
$955.6 billion |
+3.9% |
|
2024 (forecast) |
$979.5–$989.0 billion |
+2.5–3.5% |
US holiday spending in 2024
According to the latest NRF report, holiday retail sales are forecast to grow by 2.5% to 3.5% in 2024, reaching up to $989 billion. This projected figure represents the continuing trend of steady holiday spending, despite economic uncertainties. Analysts note that while the growth rate has slowed compared to previous years, reaching nearly $1 trillion in sales signifies robust consumer demand.
Further holiday spending statistics reveal that the average holiday spending per person is also set to rise in 2024, from $875 in 2023 to $902. This represents a record high, exceeding $900 for the first time. The majority of this spending will be on gifts—$641 is expected to be spent on gifts, while $261 will be on seasonal products such as decorations, food, and greeting cards.
US holiday retail sales: 2012–2023 historical data
How has holiday spending in the US been increasing?
In 2012, consumers spent $567.6 billion during the year-end shopping season. Since then, holiday retail sales have been steadily increasing.
The largest of these annual growths came in 2021. With a 12.4% increase year over year, 2021’s holiday retail sales hit $878.4 billion, beating the previous high recorded in 2020 when holiday retail sales grew at an annual rate of 9%. This increase was rather unexpected for a year plagued by challenges triggered by the coronavirus pandemic. In fact, NRF analysts had previously predicted a growth of up to 11.5%, to $859 billion. Experts have attributed the increase to strong wages and record savings from consumers, as well as some ingenuity from retailers. In contrast, the smallest annual increase between 2012 and 2024 was in 2018, when holiday retail sales rose by 1.8%.
Despite rising inflation and falling consumer confidence in 2022, US holiday retail sales continued to grow, reaching $920 billion, 4.7% over 2021’s numbers. Growth continued and in 2023, US holiday retail sales reached $955.6 billion, marking a 3.9% yearly increase.
Holiday shopping stats: leveraging this data
Understanding consumer habits is crucial for businesses aiming to make the most out of the lucrative holiday shopping season. Key behaviors, such as when consumers begin their holiday shopping and how much of their shopping is done online, can significantly impact marketing strategies and inventory management.
Many consumers now start their holiday shopping as early as October, with some even beginning in September. Additionally, a growing percentage of consumers are choosing to shop for the holidays online, taking advantage of the convenience and discounts offered by ecommerce platforms. By aligning business operations and promotional efforts with these shopping habits, retailers can enhance their reach and boost sales during this critical period.