for things like gasoline, according to a report card from National Retail Federation.
The spending blitz appeared to be driven partly by heavier promotions from retailers as the American economy shows signs of recovery. The National Retail Federation estimated holiday sales climbs 4.9 percent to $616 billion, with online purchases up 16 percent compared to last year.
Negative headlines about the economy also seemed to galvanize an influx of consumers into stores. The U.S. Department of Commerce said retail sales in November and December were up 4.3 percent from the corresponding period a year ago. Consumers spent more freely on toys (up 8.2 percent), jewelry (up 7.1 percent), apparel (up 5.1 percent) and electronics and appliances (up 1.1 percent).
Not all of the news was positive, however. US gas prices hit a peak of about $3.50 per gallon at the start of the holiday season. This was the highest average price for gasoline since December 2014. Additionally, some have noted that wages have essentially made no improvements since the Great Recession.
Despite these data points, consumer sentiment has remained strong with consumer confidence nearing levels unseen since the end of the Great Recession in 2009.
