"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.”
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 compared 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 in addition to automobile dealers and gasoline stations) was down 0.49% month over month in September but up 5.72% year over year. That compared 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 (such as electronic books and games) were up 0.52% month over month seasonally adjusted and up 21.35% year over year unadjusted.
Sporting goods, hobby, music and book stores were up 0.74% month over month seasonally adjusted and up 8.81% year over year unadjusted.
Clothing and accessories stores were down 1.06% month over month seasonally adjusted but up 7.35% year over year unadjusted.
General merchandise stores were down 0.62% month over month seasonally adjusted but up 5.52% year over year unadjusted.
Grocery and beverage stores were down 0.76% month over month seasonally adjusted but up 4.79% year over year unadjusted.
Health and personal care stores were up 0.38% month over month seasonally adjusted and up 4.65% year over year unadjusted.
Electronics and appliance stores were down 0.12% month over month seasonally adjusted but up 4.43% year over year unadjusted.
Furniture and home furnishings stores were down 1.87% month over month seasonally adjusted but up 0.56% year over year unadjusted.
Building and garden supply stores were up 0.53% month over month seasonally adjusted but down 1.2% year over year unadjusted.
To learn more, visit nrf.com/nrf/cnbc-retail-monitor.
As the leading authority and voice for the retail industry, NRF provides data on retail sales each month and also forecasts annual retail sales and spending for key periods such as the holiday season each year.
About NRF
The National Retail Federation passionately advocates for the people, brands, policies and ideas that help retail succeed. From its headquarters in Washington, D.C., NRF empowers the industry that powers the economy. Retail is the nation’s largest private-sector employer, contributing $5.3 trillion to annual GDP and supporting more than one in four U.S. jobs — 55 million working Americans. For over a century, NRF has been a voice for every retailer and every retail job, educating, inspiring and communicating the powerful impact retail has on local communities and global economies. nrf.com
