Retail sales continued to grow in May, although more slowly than in April, according to the CNBC/NRF Retail Monitor released by the National Retail Federation.
Total retail sales, excluding automobiles and gasoline, gained 0.49% seasonally adjusted month over month and 4.44% unadjusted year over year in May. The figures compare with increases of 0.72% month over month and 6.76% year over year in April. NRF attributed the slower rate of growth to consumers doing less stocking up of goods ahead of proposed tariffs than was the case in April.
The Retail Monitor calculation of core retail sales, which excludes restaurants in addition to automobile dealers and gasoline stations, advanced 0.23% month over month in May and 4.2% year over year. The numbers compared with increases of 0.9% month over month and 7.11% year over year in April.
Total sales were up 4.95% year over year for the first five months of 2025 and core sales were up 5.24%.
Results by channel were, Retail Monitor noted:
- General merchandise stores were up 0.4% month over month, seasonally adjusted, and 4.63% year over year, unadjusted.
- Electronics and appliance stores were down 1.98% month over month, seasonally adjusted, but up 2.58% year over year, unadjusted.
- Furniture and home furnishings stores were down 0.24% month over month, seasonally adjusted, and 0.1% year over year, unadjusted.
- Building and garden supply stores were down 2.3% month over month, seasonally adjusted, and 7.31% year over year, unadjusted.
- Health and personal care stores were up 0.06% month over month, seasonally adjusted, and 3.85% year over year, unadjusted.
- Grocery and beverage stores were up 0.46% month over month, seasonally adjusted, and 4.53% year over year, unadjusted.
- Sporting goods, hobby, music and book stores were up 0.42% month over month seasonally adjusted and 8.21% year over year unadjusted.
- Clothing and accessories stores were up 0.67% month over month, seasonally adjusted, and 3.21% year over year, unadjusted.
- Digital platforms were up 1.81% month over month, seasonally adjusted, and 28.04% year over year, unadjusted.
“The data for May indicates that the pull-forward in consumer demand ahead of tariffs is likely dissipating,” NRF president and CEO Matthew Shay said in announcing the Retail Monitor results. “While momentum remains, the nature of consumer spending is shifting as economic uncertainty increases. Consumer fundamentals haven’t been damaged yet, and a slowing-but-still-growing job market is supporting household priorities ahead of any meaningful price increases in the coming months.”
Unlike survey-based sales numbers collected by the United States Census Bureau, the Retail Monitor uses anonymized credit and debit card purchase data compiled by Affinity Solutions and does not need to be revised monthly or annually.
