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Retail and food services sales for December 2024 continued to grow, proving that despite an inflationary economy, Americans are still shopping.
Retail and food services sales reached $729.2 billion, reported the U.S. Census Bureau, marking a 0.4% increase from November and a 3.9% rise from December 2023.
The growth signals the retail sector’s resilience with total sales for the year up by 3.0%, with a notable 3.7% increase during October through December.
Motor vehicle and parts dealers led the growth, up 8.4% while non-store retailers racked in $1,470,815 million and saw a 6% boost compared to last year.
A WalletHub survey showed that 1 In 10 people attributed holiday shopping for making them spend over their established budgets and acquiring credit card debt.
A Mastercard report showed consumers spent more money dining out, with sales rising by 6.3% in restaurants.
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