Per a report by Circana, November retail sales remained steady, but critical holiday shopping weeks lacked momentum. Combined, Black Friday Week and Cyber Week resulted in a 2% dollar and nearly 5% unit decline from last year.
Discretionary General Merchandise and BFCM Sales Decline
In the combined four weeks ending November 29, 2025, overall U.S. retail sales revenue grew 1%, while unit demand remained flat compared to the same time in 2024. Discretionary general merchandise retail dollar sales declined 2%, and unit demand fell 4% compared to the same period a year ago, according to Circana.
November closed out with the week of Black Friday, which brought a nearly 3% decline in dollar sales of discretionary general merchandise and a 5% decline in units. Cyber Week kicked off in December with a dollar sales decline of 1.3% and units falling 4.4%.
The very specific pockets of growth at the category level mean very few industries are outperforming last year’s results thus far. The list of winning categories was similar for both Black Friday and Cyber Monday weeks, including beauty products, demonstrating how the two events and the roles of physical stores and e-commerce are blending when it comes to promotions, timing and product focus.
A Breakdown of Consumer Prioritization
Overall retail spending held steady in November, with 1% growth and flat unit demand, but spending on necessities like food continues to take priority, and elevated prices are eroding the consumer’s discretionary spending ability.
“Consumer prioritization is resulting in very specific pockets of growth at deeper levels within retail that are falling short of creating broader momentum,” said Marshal Cohen, chief retail industry advisor for Circana. “Flat discretionary general merchandise sales so far in the fourth quarter of 2025 are revealing the pressure on consumers’ wallets, as well as the diminished impact of the peak holiday shopping weeks.”
“The distinction between Black Friday and Cyber Monday has been lost— shopping during this holiday season has become even less about coveting the deal and more about curating ideas around what to give as gifts,” said Cohen. “Uniqueness, innovation, convenience, and socialization are now all critical to the formula for holiday selling. This is a trend that will continue into 2026 and needs to be ingrained in holiday 2026 planning.”
