Retail News

Bank of America thinks holiday sales numbers may have been higher

CNBC 01/14/2020

Retail sales for the holiday shopping period may exceed the industry’s forecast, according to economists at the Bank of America. Using aggregated credit and debit card data, economists at the bank said sales were up 3.2 percent year-over-year in December. “Assuming our forecast is correct, Census Bureau holiday sales, which are defined as retail ex-auto & gas for November and December combined, would reveal a 4.7% yoy gain. The consumer was happy to spend at the end of 2019, kicking off 2020 on a good note.”

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