Anecdotally, you just had to know that iPhone sales have been big ever since Apple Inc. unveiled its latest iteration in October. But Goldman Sachs takes things up a notch – a big notch: They believe that iPhone sales might be driving October’s better-than-expected report on U.S. retail sales.
Overall sales rose 0.5 last month over the previous month, beating expectations for just 0.3 per cent gains. After stripping out automobile sales, retail sales rose 0.6 per cent, beating expectations for a 0.2 per cent gain.
“Large gains in sales for electronics and ‘non-store’ retailers (online shopping) suggest that the introduction of Apple’s latest iPhone likely accounted for much of the upside surprise to core retail sales,” Goldman Sachs concluded.