Retail sales in November saw strong year-over-year growth, with the first half of the holiday shopping season helping to create results that are on track to meet the spending forecast of the National Retail Federation (NRF), according to the NRF’s latest report.

Total retail sales in November, excluding automobile dealers and gasoline stations, were up 0.12% seasonally adjusted month over month and up 4.53% unadjusted year over year, according to the CNBC/NRF Retail Monitor. That is compared with increases of 0.6% month over month and 5% year over year in October.

“Retail sales showed healthy year-over-year gains in November while month-over-month data was largely flat,” NRF President and CEO Matthew Shay said. “Shoppers looking for online deals may have held back a bit until Cyber Monday, which landed in December due to a late Thanksgiving, likely shifting some spending. Consumers are focusing on value and spending carefully during the holiday period, and retailers are offering products at competitive prices to fit every budget.”

According to the Retail Monitor, core retail sales (excluding restaurants in addition to auto dealers and gas stations) were down 0.04% month over month in November but up 4.66% year over year. That is compared with increases of 0.6% month over month and 4.89% year over year in October.

Total sales were up 5.06% year over year for the first 11 months of the year, and core sales were up 5.22%.

Earlier this month, NRF reported that throughout the five-day holiday weekend from Thanksgiving Day to Cyber Monday, a record 202.9 million consumers shopped.

A total of 129.5 million consumers shopped in-store, up 3% from 126 million in 2024. While online shopping saw 134.9 million shoppers, up 9% from 124.3 million last year, according to NRF.