Are Americans spending more during the holidays than ever before?
Retail spending in December 2024 was the highest ever recorded — over $600 billion, or around $1,766 per person.
If you can’t tell it’s the winter holiday season from the festive commercials, lights, and music, you can probably tell by your dwindling bank account balance.
Americans spent an estimated $600.53 billion in the retail sector in December 2024, according to the Census Bureau’s Monthly Retail Trade Report — the first time monthly consumer spending topped $600 billion.
That’s about $1,766 per person, and a jump from the estimated $541.87 billion spent in November 2024.
December 2024’s spending was the highest monthly total spending amount and second highest monthly per-person spending on record, ever.
Prior to 2024, total retail and food sales peaked in December 2021: around $598.36 billion, 0.4% less than in 2024 (after accounting for inflation).
People have spent more in December than any other month since at least 1992. November is typically the second-spendiest month each year, except for 2008 and 2009.
Has Americans’ holiday spending changed in recent years?
December retail shopping totals have increased every year since 2009 except in 2012, 2018 and 2022, when sales were 0.1%, 2.0% and 1.6% lower than the years prior.
The biggest jump came in 2021, when December spending increased 9.1% from 2020 — the largest year-over-year increase since at least 1992, the earliest date of the dataset. From that point, December retail sales have stayed relatively level.
December retail spending was over $600 billion for the first time in 2024.
Inflation-adjusted retail and food services sales in December, 1992–2024
Even though overall spending has increased, December spending as a share of total yearly spending has dipped. December 2024 retail accounted for 9.8% of all 2024 retail spending, compared with 10.3% in 2014, 10.8% in 2004, and 11.4% in 1994.
December's share of annual retail spending has declined over the last 30 years.
Retail and food sales in December as a percentage of total retail sales, 1992–2024
How does retail spending change throughout the year?
Average monthly retail spending is lowest in January and February, with February usually the lowest-sales month of the year: its $326 billion average, is just over half December’s numbers.
May and August are the highest-spending non-holiday months; with averages of $382 billion in May and $381 billion in August. They’re the third and fourth highest-spending months of the year.
Sales then increase incrementally from September to December, with a 4.6% increase from September to October, a 4.6% increase from October to November, and an 18.5% increase from November to December.
Americans spent an average of $73 billion more in December than any other month.
Average monthly retail and food sales, 1992–2024
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