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2022 Holiday Season Retail Results Reveal Less Growth than Expected

Corporate, NSGA News • January 30, 2023

By Nick Rigitano
NSGA Director of Insights and Analysis

DOWNERS GROVE, ILLINOIS (January 30, 2023) – With another holiday season in the rear-view mirror, NSGA has been keeping note of the holiday sales results released by multiple organizations. The overall sentiment from the retail holiday results is growth for the 2022 season but not quite meeting forecast expectations. 

Here is the breakdown from three organizations: 


The National Retail Federation (NRF) recently announced sales in November and December 2022 increased 5.3 percent versus the prior year, below the projected estimates of between 6 percent and 8 percent. The results were respectable despite continuing inflation and high interest rates. While holiday growth was less than expected, NRF noted sales for the year grew 7 percent over 2021 to $4.9 trillion, meeting the organization’s forecast of between 6 percent and 8 percent growth for the year. 


The International Council of Shopping Centers (ICSC) also found holiday sales fell short of projections, increasing 5.2 percent compared to the forecasted growth of 6.7 percent. According to ICSC’s post-holiday 2022 survey, 43 percent of respondents noted low prices or good promotions as key motivating factors in where they shopped, up significantly from 33 percent in 2021. The survey also found 74 percent of holiday shoppers visited a shopping center during the 2022 season, up from 70 percent. These visits translated to a larger share of holiday spending as 39 percent of total spending came from physical stores, up from 34 percent in 2021. 


Mastercard reported US retail sales grew 7.6 percent this holiday season (Nov. 1 – Dec. 24), according to Mastercard SpendingPulse, which measures overall retail sales across all payment types. In-store sales increased 6.8 percent compared to 2021. 

For more information on the holiday results: 

Click here for NRF Results

Click here for ICSC Results 

Click here for Mastercard Results 


Holidays Shopping Mastercard ICSC NRF Retail NSGA