WASHINGTON, D.C. — Retail sales rose solidly in November compared with last year, keeping the holiday season on pace to meet industry spending expectations, according to new data released Thursday by the CNBC/NRF Retail Monitor, powered by Affinity Solutions.
“Retail sales showed healthy year-over-year gains in November while month-over-month data was largely flat,” National Retail Federation 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. We remain confident in our 2025 holiday forecast as well as our retail sales projections for the full year.”
According to the Retail Monitor, total retail sales excluding auto dealers and gas stations increased 0.12% seasonally adjusted from October and 4.53% unadjusted year over year. That follows gains of 0.6% month over month and 5% year over year in October.
Core retail sales — which exclude restaurants in addition to autos and gasoline — dipped 0.04% month over month but were up 4.66% year over year. In October, core sales rose 0.6% month over month and 4.89% year over year. For the first 11 months of 2025, total sales were up 5.06% year over year, and core sales rose 5.22%.
The November data arrives as NRF projects holiday sales for Nov. 1 through Dec. 31 will rise between 3.7% and 4.2% over 2024, totaling just over $1 trillion. For the full year, NRF expects retail sales to increase between 2.7% and 3.7% to as much as $5.48 trillion.
Unlike Census Bureau surveys, the Retail Monitor uses anonymized credit and debit card transaction data and does not require revisions.
Most retail sectors posted year-over-year gains in November, although monthly performance varied. Digital products led annual growth, followed by strong increases at sporting goods stores and clothing retailers. Monthly declines were more widespread, with six of nine sectors dipping from October.
Key sector performance in November included:
• Digital products fell 0.37% month over month but increased 14.81% year over year.
• Sporting goods, hobby, music and book stores rose 0.28% month over month and 8.96% year over year.
• Clothing and accessories slipped 0.04% month over month but gained 8.16% compared with last year.
• Grocery and beverage stores rose 0.74% month over month and 3.89% year over year.
• General merchandise stores fell 0.73% month over month but rose 3.1% year over year.
• Health and personal care stores dipped 0.19% month over month but increased 1.31% year over year.
• Electronics and appliance stores dropped 2.94% month over month but rose 1.01% year over year.
• Furniture and home furnishings stores were nearly flat, up 0.01% month over month and 0.53% year over year.
• Building and garden supply stores declined both monthly and annually, falling 1.74% month over month and 9.38% year over year.
The data reflects strong overall consumer spending heading into the final weeks of the holiday season, with value-focused shopping behavior driving trends across multiple categories.
