Retail Sales end 2024 in good shape
Summary
Retail sales ended 2024 on a solid note. Sales rose 0.4% in December amid broad based gains that suggest a solid pace of overall consumption in Q4. When combined with upward revisions to November sales, the data put 2024 holiday sales just below their long-run average and suggest it was a decent holiday sales season for retailers.
Consumers' spending intact and a decent year for holiday sales
Consumer resilience has been a hallmark of the current expansion. It's at times made the job of the Fed more challenging in getting inflation back to target, but it's cut both ways as continued demand has also helped keep the jobs market stable even as hiring has slowed. While we've seen some signs of consumer moderation over the past year amid more choosy spending behavior and lower-income households growing more vulnerable, the last retail report of 2024 tells us households just keep spending.
Author
Wells Fargo Research Team
Wells Fargo
