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Holiday shoppers contributed to a robust uptick in retail spending, showcasing a nearly 5% combined year-over-year growth for November and December. Notably, December alone saw a remarkable rise in retail sales, excluding auto and gas purchases, marking the strongest monthly gain in the data history spanning 27 months.
The report highlighted a 2.2% gain when restaurants were excluded, suggesting that consumers prioritized spending on goods over dining out. This was further validated by credit card spending data from IT Affinity Solutions, which indicated a 7.2% year-over-year gain for the headline index and an 8.4% overall increase for the quarter.