WASHINGTON — Retail sales saw their 13th straight month of gains in October even as high gas prices continued, according to the CNBC/NRF Retail Monitor, powered by Affinity Solutions, released Wednesday by the National Retail Federation.
“Retail sales edged higher in October as a strong Halloween season and early winter holiday promotions pulled demand forward,” NRF President and CEO Matthew Shay said. “Households are managing budgets carefully, timing purchases around special offers and sales events in order to stretch their dollars. Retailers continue to offer promotions and value pricing to keep everyday items and holiday gifts affordable.”
Total retail sales, excluding automobile dealers and gasoline stations, were $561.7 billion in October, up 0.15% month over month and up 3.57% year over year, both seasonally adjusted, according to the Retail Monitor. That compared with $560.8 billion in September, which was up 0.28% month over month and up 4.05% year over year.
The Retail Monitor calculation of core retail sales (excluding restaurants in addition to auto dealers and gas stations) was $454.2 billion in October, up 0.26% month over month and up 3.36% year over year. That compared with $453.1 billion in September, which was up 0.27% month over month and up 3.73% year over year.
Total sales were up 5.75% for the first 10 months of the year while core sales were up 5.63%.
Led by a 9.3% gain in electronics and appliances, sales were higher year over year in all categories except furniture and home furnishings, which were down 2.62%, and sporting goods, which were down 0.44%. Sector breakdowns are available here.
Beginning with data for September, the CNBC/NRF Retail Monitor is based on new, fully enhanced methodology and includes gross dollar sales levels in addition to percentage changes at both the topline and category levels. The Retail Monitor now draws on a panel of roughly 120 million debit and credit cards from Affinity Solutions, weighted to reflect the makeup of U.S. consumers and projected to match U.S. Census Bureau retail sales totals. Online sales from store-based retailers are now attributed back to their respective categories, when applicable, so sector figures reflect total omnichannel spending; remaining non-store retail sales are reported separately. The underlying data is also available for download. Full details on the methodology are available here.
Unlike survey-based numbers collected by the Census Bureau, the Retail Monitor uses actual, anonymized credit and debit card purchase data and does not need to be revised monthly or annually. Retail Monitor data will be reviewed biannually for changes in seasonal modeling and adjusted if needed. Year-over-year comparisons are now reported on a seasonally adjusted basis, consistent with the month-over-month figures. As a result of this methodology update, month-over-month and year-over-year changes are not directly comparable with Retail Monitor figures published before September.
To learn more, visit nrf.com/nrf/cnbc-retail-monitor.
