WASHINGTON — Retail sales slowed on a monthly basis in September after a busy summer, but year-over-year increases remain strong as retailers prepare for the holiday season, according to the CNBC/NRF Retail Monitor, powered by Affinity Solutions, released today by the National Retail Federation.
“Retail sales dipped in September as consumers hit the pause button after two solid months of back-to-school spending,” NRF President and CEO Matthew Shay said. “Amid continued economic uncertainty, consumers opted to preserve spending power in preparation for the important holiday season. While month-over-month spending data has fluctuated as consumers have reacted to changing circumstances, year-over-year gains show robust growth and signal momentum as we head into the holidays.”
Total retail sales, excluding automobiles and gasoline, were down 0.66% seasonally adjusted month over month but up 5.42% unadjusted year over year in September, according to the Retail Monitor. That compares with increases of 0.5% month over month and 6.81% year over year in August.
The Retail Monitor calculation of core retail sales (excluding restaurants, automobile dealers, and gasoline stations) was down 0.49% month over month in September but up 5.72% year over year. That compares with increases of 0.26% month over month and 6.67% year over year in August.
Total sales were up 5.12% year over year for the first nine months of the year, and core sales were up 5.32%.
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.
September sales were up in all but one category on a yearly basis, led by digital products, sporting goods stores and clothing stores, but were down in five out of nine categories on a monthly basis. Specifics from key sectors include:
- Digital products (e.g., e-books, games) up 0.52% MoM and 21.35% YoY
- Sporting goods, hobby, music, and book stores up 0.74% MoM and 8.81% YoY
- Clothing and accessories stores down 1.06% MoM but up 7.35% YoY
- General merchandise stores down 0.62% MoM but up 5.52% YoY
- Grocery and beverage stores down 0.76% MoM but up 4.79% YoY
- Health and personal care stores up 0.38% MoM and 4.65% YoY
- Electronics and appliance stores down 0.12% MoM but up 4.43% YoY
- Furniture and home furnishings stores down 1.87% MoM but up 0.56% YoY
- Building and garden supply stores up 0.53% MoM but down 1.2% YoY
The NRF said the results underscore continued consumer resilience despite inflationary pressures and shifting spending priorities. The trade group noted that shoppers appear to be recalibrating budgets ahead of the critical holiday period.
For more information, visit nrf.com/nrf/cnbc-retail-monitor.
