Holiday Retail Sales Rise Despite Shopper Caution on Discretionary Purchases
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Retail sales increased 3.1% from Nov. 1 to Dec. 24 compared to last year, showing economic strength despite high inflation.
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Restaurants saw a 7.8% jump in holiday sales, benefiting from solid job growth and faster wage gains.
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Shoppers have been more cautious and waited for discounts, a change from recent years of free spending.
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Categories like electronics and jewelry saw declines, though staples like groceries and apparel rose.
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Discount retailers like Burlington and ThriftBooks saw strong double-digit sales gains as shoppers sought value.