Dive Brief:

• Holiday retail sales grew less than expected in 2015, the National Retail Federation (NRF) reports.

• The NRF said November-December sales rose 3% over 2014 to slightly more than $626 billion. The group had forecast the numbers would increase 3.7%.

• Online sales were a bright spot: They rose 9% to $105 billion, beating NRF's forecast of a 6% to 8% increase.

Dive Insight:

There were plenty of news reports during the holiday season that brick-and-mortar retailers weren't as busy as one might expect, and here are some numbers to back it up. Several big retailers already had reported year-over-year same-store sales drops for the season, so this news doesn't come as a surprise.

However, it may represent a larger trend. Noam Paransky, director of the retail practice at consulting firm AlixPartners, told USA Today that consumers are spending more money "to create memories and events" over material gifts.

A better picture will emerge next month. That's when big retailers release fourth-quarter earnings, making it more clear whether there were any big winners and losers in the holiday season.