Retail sales data from the US Department of Commerce for December is out which means we now have a clear understanding of how 2022 finished up overall for commerce.
In 2022 US retail sales were $7.1T, surpassing $7T for the first time. That's up 8.2% from 2021, which is much slower than the previous years’ 17.9%, but much faster than the historical 4.7% average.
Unfortunately, the bulk of 2022’s growth was due to inflation. If we adjust for inflation, 2022 was essentially flat (up 0.2%).
And holiday retail sales for November and December, (excluding restaurants, auto, and gas) were only up 5.2% versus last holiday, indicating a slow-down at the end of the year.
Add it all up and we’re starting 2023 with a lot of economic uncertainty. So, it’s more important than ever to stay on top of the consumer behavior trends.
Download the Publicis Commerce Data Compendium for a complete snapshot of all seasons interesting data trends here.