NEW YORK — The 2024 holiday shopping season has shown promising results, surpassing expectations as a decline in inflation on goods encouraged increased consumer spending, according to findings from the leading retail trade association in the country.

During the months of November and December, holiday sales experienced a notable rise of 4%, reaching a total of $994.1 billion compared to the previous year, as reported by the National Retail Federation, the foremost retail trade organization in the U.S. When looking at the holiday season of 2023, there was an increase of 3.9% compared to the two-month period prior. This growth in holiday sales outstripped the group’s earlier forecasts of an increase between 2.5% and 3.5%.

Additionally, this figure exceeded the average annual growth of 3.6% seen during the holiday season from 2010 to 2019, prior to the pandemic’s boost in consumer expenditure.

Jack Kleinhenz, the chief economist for the trade group, commented on the results, stating that the robust spending this holiday season highlights the sustained progress of the U.S. economy. “The pace of spending has returned to pre-pandemic patterns, signalling a favorable start for the upcoming year,” he remarked.

Concerns had arisen regarding the shortened shopping season, which included five fewer days between Thanksgiving and Christmas. Nonetheless, Kleinhenz noted that this compressed timeframe has contributed to the ongoing trend of increased online shopping, while also witnessing a resurgence of in-store shopping and an emphasis on early purchases. Despite this positive outlook, Kleinhenz warned that although consumers appear to be in relatively good financial health, they are still mindful of their budgets.

It’s important to note that the National Retail Federation’s findings are based on data from the Census Bureau, and they exclude sales from automobile dealers, gas stations, and dining establishments.