Retail sales cooled last month despite a blockbuster kickoff to the holiday shopping season on Black Friday and Cyber Monday, with spending down across most major categories.
Consumers appeared to be reserving discretionary buys for promotional events, according to Marcus & Millichap researchers, with overall retail sales dropping 0.6%, per Census Bureau data.
"This is significant, considering purchasing was up 12 percent year-over-year on Black Friday, and a record $11.3 billion was spent on Cyber Monday," the firm notes in a new research brief. "Higher sales volumes were registered during these promotional events, but the overall decline in monthly retail sales suggests many consumers curtailed their discretionary spending during the rest of the month."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
