Retail sales figures for September came in stronger than expected, laying the groundwork for a potentially robust holiday sales season this year, according to Nareit Senior Economist Calvin Schnure.
September retail sales jumped nearly 2%, which was stronger than expected. “The economy’s not as weak as some people may have feared a month or two ago,” Schnure said.
Nearly all categories of spending are running at about 5% above pre-pandemic levels, although a few notable exceptions include gasoline, restaurants, and clothing and accessories, Schnure said. The overall gains mean that “we could well see a surprisingly robust holiday sales season,” he noted.
Nareit's REIT Report Podcast