Jan 22, 2013 Philip Burgess
Retailers capped off a successful 2012 campaign with an excellent December, with sales numbers outpacing previous expert predictions from an earlier Bloomberg News report.
According to the Commerce Department, retail sales increased 0.5 percent from November to December to nearly $416 billion, achieving a 4.7 percent year-over-year growth compared to December 2011. This came on the heels of a successful November, which saw retail sales rise 0.4 percent.
Auto sales played a major role in this growth, as the sector increased 1.8 percent between November and December en route to its best year of sales since 2007.
Meanwhile, a study by PricewaterhouseCoopers indicated that short term lenders for the auto industry can expect to be busy throughout 2013.
"Automotive companies remain cautious about economic conditions in Europe," said Rick Hanna, global automotive leader at PwC. "However, overall we estimate that the global automotive industry will prosper in 2013 from emerging market growth and remaining pent-up demand in the U.S."
The report projected that the worldwide automotive industry will achieve a 5.1 percent growth in 2013, with production of light vehicles surpassing 83 million. After an extremely successful year in 2012, auto sales in the U.S.are expected to increase again in 2013, from 14.4 million to 15.3 million.