NRF: Retail sales grow again in May
Consumers continue to show their resilience as retail sales rose for the eighth consecutive month in May despite high gas prices and ongoing inflation.
Total retail sales (including restaurants, but excluding automobile dealers and gasoline stations) increased 0.42% month over month and were up 7.19% year over year in May, according to the CNBC/NRF Retail Monitor released by the National Retail Federation. That compared with increases of 0.34% month over month and 5.73% year over year in April.
Core retail sales (excluding restaurants, auto dealers and gas stations) rose 0.39% month over month in May and were up 6.98% year over year. That compared with increases of 0.34% month over month and 5.53% year over year in April.
Total sales were up 6.29% year over year during the first five months of the year. Core sales were up 6.19%.
“Retail sales maintained momentum in May, driven by a resilient labor market and consumers’ continued willingness to spend on retail goods despite pressure from elevated gas prices, tariffs and the conflict in the Middle East,” stated NRF president and CEO Matthew Shay.
[READ MORE: NRF: Import volume to get bump in June, July, followed by a weakening]
April sales were up in all but but two categories — furniture/home furnishing stores and building/garden supply stores — on a monthly basis.
Specifics from key sectors for May are below:
•Electronics and appliance stores were up 0.05% month over month and up 11.59% year over year.
•Clothing and accessories stores were up 0.6% month over month and up 10.25% year over year.
•Health and personal care stores were up 0.45% month over month and up 8.87% year over year.
•Sporting goods, hobby, music and book stores were up 0.25% month over month and up 8.59% year over year.
•General merchandise stores were up 0.41% month over month and up 8.28% year over year.
•Digital products (such as electronic books and games) were up 1.22% month over month and up 7.79% year over year.
•Grocery and beverage stores were up 0.48% month over month and up 6.01% year over year.
•Furniture and home furnishings stores were down 0.09% month over month but up 3.35% year over year.
•Building and garden supply stores were down 0.38% month over month and down 1.88% year over year.
Unlike survey-based numbers collected by the Census Bureau, the Retail Monitor uses actual, anonymized credit and debit card purchase data compiled by Affinity Solutions and does not need to be revised monthly or annually.
