Retail sales saw strong growth in December, putting holiday season results in line with the National Retail Federation’s (NRF) forecast for record spending, according to the CNBC/NRF Retail Monitor.
“December Retail Monitor data saw a sharp surge in growth as consumers continued prioritizing holiday spending on family and friends,” said NRF President and CEO Matthew Shay. “Continued economic momentum helped land 2025 holiday sales near the top of NRF’s forecast, reaffirming that consumers remain on solid footing.”
Based on Retail Monitor data, 2025 holiday sales from November 1 through December 31 grew 4.1%. Total retail sales, excluding automobile dealers and gasoline stations, were up 1.26% seasonally adjusted month over month and up 3.54% unadjusted year over year in December.
Core retail sales (excluding restaurants in addition to auto dealers and gas stations) were up 1.6% month over month in December and up 3.58% year over year, compared to a slight decrease of 0.04% month over month and an increase of 4.66% year over year in November.
NRF noted that a late Thanksgiving pushed Cyber Monday into December in 2025, so an additional day of holiday spending is included in the month’s data.
In November, NRF forecasted that holiday sales would grow between 3.7% and 4.2% above last year’s holiday season and exceed $1 trillion in sales for the first time.
Throughout the five-day holiday weekend from Thanksgiving Day to Cyber Monday, a record 202.9 million consumers shopped for deals, reported the NRF. A total of 129.5 million consumers shopped in-store, up 3% from 126 million in 2024. Online saw 134.9 million shoppers, up 9% from 124.3 million last year.