Even as the risk of a recession looms ever-larger in 2023, the holiday shopping sentiment is positive, according to one industry expert.
Retail sales, excluding autos and gas, are at an all-time high, hitting $500 billion in October and up 3.1% in real inflation-adjusted growth from last year. It's also up by an inflation-adjusted 23% since October 2019, prior to COVID.
"Think about that for a minute," says Marcus & Millichap's John Chang. "In just the month of October, US retail sales totaled half a trillion dollars…that's a lot of spending coming into the holiday retail cycle."
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