By Brittney Sherman
In spite of mall foot traffic increasing (40.3) percent and seven of nine retail categories showing revenue gains, the 2022 holiday shopping season fell short of the National Retail Federation’s (NRF) projected gains. During the months of November and December, retail sales rose (5.3) precent over 2021 and across 2022 retail sales increased (7) percent year over year. The data collected is based on core brick and mortar and online retail stores, and excludes sales revenues from car dealerships, gas stations, and restaurants. Industry experts attribute the 2022 holiday season shortcomings to inflation and deep discounting, and suggest that 2023 might see another retail dip as consumers become more frugal amidst worries of a looming recession.
Read the full report from the NRF HERE.
Have questions? Contact City of Morgan Hill Economic Development Director Matt Mahood at Matt.Mahood@morganhill.ca.gov