Official figures from the US Census Bureau show retail sales for the month of October of $694.5 billion, an increase of 8.3% compared to the same month in 2021, writes Leatherbiz.

Mall of America, Minneapolis

October’s result is a continuation of growth in retail sales, which showed an increase of 9.4% in August and of 8.2% in September.

National Retail Federation chief executive, Matthew Shay, noted that a strong labour market and excess savings were likely to fuel sales in the five-day Thanksgiving Day holiday weekend, which includes Black Friday on November 25.

The NRF is predicting that sales will grow by between 6% and 8% in November and December.