2023: Online Shopping Drives Retail Sales Growth

Retail sales in November increased by 0.3% from October, with a 4.1% rise compared to the previous year. The big three categories of retail sales, including ecommerce operations, bars and restaurants, and auto dealers, accounted for 50% of total retail sales. However, other brick-and-mortar retailers such as department stores and electronics and appliance stores continue to decline as sales shift to ecommerce. The increase in spending is fueled by a rise in per-capita disposable income, which has outpaced inflation by 3.9% year-over-year.