Consumer sentiments have remained resilient despite multi-decade high inflation, aggressive interest rate hikes, and recessionary fears. In the recent past, the overall retail sales, as reported by U.S. Census Bureau, grew 1.3% in October from the previous month and 8.3% year-over-year.
Although inflation continues to be a concern for both retailers and consumers, according to the National Retail Federation’s November Monthly Economic Review, the real GDP increased by 2.6% in the third quarter of 2022, showcasing healthy economic growth, setting a tone for the upcoming quarter, and reflecting robust consumer spending.
