Omicron was identified by WHO in late November, and the December report from the Ministry of Commerce first captured the impact on consumer behavior.
New York — Americans suffering from product shortages, rising prices and the arrival of Omicron cut spending significantly in December after a surge in early spending in the fall that helped boost the holiday season. ..
According to the US Department of Commerce, retail sales in December were seasonally adjusted down 1.9% compared to a 0.3% increase last month.
Department store sales were down 7%. Restaurant sales were down 0.8% and online sales were down 8.7%.
Omicron was identified by the World Health Organization in late November, and the December report from the Ministry of Commerce first captured some of the impact on consumer behavior.
The monthly retail report covers only about one-third of overall personal consumption and does not include money spent on haircuts, hotel stays, plane tickets, etc.
The National Retail Federation, the largest retail group in the United States, is squeezing sales last month, with actual holiday season sales expected to be announced late Friday. Despite the challenges faced by shoppers and stores, record growth of 8.5% to 10.5% is expected compared to the same period last year.
Omicron variants have led to widespread labor shortages by people, including the retail sector, calling for illness, and supply shortages have reduced what they can sell. Stores and restaurants have shortened business hours or were closed on previously open days.
December retail sales slide, Omicron amid shortage
Source link December retail sales slide, Omicron amid shortage