Retail sales continued to increase in October despite consumer sentiment dropping to a new two-year low. Consumers remain concerned about continuing inflation and rising prices for homes, vehicles, and durable goods, but October retail trade sales still were up 16.3% year-over-year. Retail store sales (excludes autos, dining, gas stations) increased 12.3% over 2021 and 25% compared to 2019.

Retailers continue to experience issues with labor availability: retail workers on the payroll nationally are down over 100,000 from October 2019. Global supply chain disruption is a multidimensional problem yet to be solved, increasing COGS (cost of goods sold) and operational costs and forcing retailers to make decisions on whether to pass price increases onto customers, at the risk of not being competitive. Retailers that can provide a great customer experience with key items in-stock are likely to reap the dividends this holiday season.

Download the November retail and consumer summary.