U.S. retail sales for the week ending Jan. 24 jumped by an impressive 12.5% over the same week in 2003, ShopperTrak’s National Retail Sales Estimate (NRSE) reports. This was the third week of double-digit sales gains in the last four weeks during a time when retailers have traditionally been faced with a post-holiday slowdown. The month of January is currently on pace for a year-over-year growth of 20.7% over the same month in 2003.
“The American consumer and the U.S. economy are very much in high gear right now,” said Michael Niemira, chief economist and director of research for the International Council of Shopping Centers. “January sales continue to be very strong for retailers and this bodes very well for the industry as we head toward the spring season.”
ShopperTrak also reported a solid 4.8 percent gain in week-over-week sales from the week ending Jan. 17 when sales were off by 6%.
Developed by ShopperTrak, the NRSE provides a nationwide benchmark of retail sales. It is derived from the U.S. Commerce Department’s GAFO (general merchandise, apparel, furniture, sporting goods, electronics, hobby, books, and other related store sales) statistic, as well as ShopperTrak’s proprietary industry intelligence on shopper movement and sales statistics.