by Kim Souza (ksouza@talkbusiness.net)

Editor’s note: The State of the State series provides reports twice a year on Arkansas’ key economic sectors. The series publishes stories to begin a year and stories in July/August to provide a broad mid-year update on the state’s economy. Link here for the State of the State page and previous stories.

A U.S. recession never happened in 2023 and retailers managed to post holiday sales growth of 3.8% to $964.4 billion according to the National Retail Federation (NRF). For the full year, NRF reports retail sales increased 3.6% to a record $5.13 trillion.

“Consumer spending was remarkably resilient throughout 2023 and finished the year with a solid pace for the holiday season,” NRF Chief Economist Jack Kleinhenz said. “Although inflation has been the biggest concern for households, the price of goods eased notably and was helped by a healthy labor market, underscoring a successful holiday season for retailers.”

State of the State 2024: Mixed bag predicted for retail sector in 2024