November retail sales in the US increased 4.53 percent year-over-year and 0.12 percent month-over-month, according to the National Retail Federation’s CNBC/NRF Retail Monitor powered by Affinity Solutions. The figures exclude auto dealers and petrol stations.
Core retail sales – which strip out autos, petrol and restaurants – rose 4.66 percent year-over-year, though they dipped 0.04 percent from October.
Sporting goods lead category growth
Growth was broad-based across categories, with digital products leading at 14.8 percent, followed by sporting goods at 8.96 percent and clothing at 8.2 percent.
Full-year outlook remains strong
Total retail sales for January through November 2025 climbed 5.06 percent year-over-year, whilst core sales gained 5.22 percent.The NRF maintains its forecast for holiday sales (1 November – 31 December) to rise between 3.7 percent and 4.2 percent, surpassing $1 trillion, with full-year retail sales projected to reach up to $5.48 trillion.
Seasonal timing factors
A late Thanksgiving may have shifted some Cyber Monday purchases into December, smoothing out November’s month-over-month figures.Analysts note consumers remained “deal-hungry,” timing purchases around key shopping events.
