December 3, 2021
Inflation, supply issues won't stop holiday consumer demand: Former Toys ‘R’ Us CEO

Retail sales accelerate as supply chain crisis causes earlier start to holiday shopping season

Shopper spending accelerated in October as consumers kicked off the holiday shopping season earlier than typical due to the supply chain bottlenecks. 

Retail sales, a measure of spending at eating places, shops and on-line, rose 1.7% final month, in accordance to the Commerce Division. Analysts surveyed by Refinitiv had been anticipating a 1.4% improve. The studying was 16.3% above year-ago ranges. 

September’s studying was revised up by 0.1 share factors to 0.8%.

“October retail sales development was led by holiday-friendly classes such as nonstore retailers (e-commerce retailers such as Amazon.com) and electronics shops,” mentioned Ted Rossman, senior trade analyst at Bankrate.

Sales at nonstore retailers surged 4% whereas sales at electronics and equipment shops climbed 2.8%. 

A 3.9% spike in sales at gasoline stations got here as costs on the pump climbed by greater than 60% from the earlier 12 months to a seven-year excessive.  

In the meantime, sales at meals companies and consuming locations had been unchanged. 

Retail sales excluding autos rose 1.7% month over month in contrast with the 1% achieve that was anticipated. 

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