Retail sales rose for the sixth straight month in March as higher tax refunds helped cushion household budgets against elevated gasoline prices, according to the National Retail Federation.
The CNBC/NRF Retail Monitor, released by the NRF, showed that in March, total retail sales excluding automobile dealers and gasoline stations were up 0.4% seasonally adjusted month over month and 6.59% unadjusted year over year. The figures compared with increases of 0.28% month over month and 6.24% year over year in February.
The Retail Monitor’s calculation of core retail sales, which excludes restaurants, auto dealers and gas stations, was up 0.41% month over month in March and 7.05% year over year. The numbers compare with February increases of 0.27% month over month and 5.87% year over year.
Total sales were up 6.18% year over year during the first quarter, and core sales gained 6.14%.
The IRS has stated that 2026 tax refunds averaged $3,521 as of late March, up 11.1% from 2025 following changes in tax law passed last year.
By retail channel, NRF noted, the March results were:
- General merchandise stores were up 0.38% month over month, seasonally adjusted, and 8.77% year over year, unadjusted.
- Furniture and home furnishings stores were down 0.11% month over month, seasonally adjusted, but up 3.54% year over year, unadjusted.
- Building and garden supply stores were down 0.08% month over month, seasonally adjusted, and 0.47% year over year, unadjusted.
- Electronics and appliance stores were up 0.06% month over month, seasonally adjusted, and 7.67% year over year, unadjusted.
- Health and personal care stores were up 0.51% month over month, seasonally adjusted, and 12.25% year over year, unadjusted.
- Grocery and beverage stores were up 0.39% month over month, seasonally adjusted, and 3.78% year over year, unadjusted.
- Sporting goods, hobby, music, and book stores were up 0.4% month over month, seasonally adjusted, and 10.88% year over year, unadjusted.
- Clothing and accessories stores were up 0.57% month over month, seasonally adjusted, and 10.89% year over year, unadjusted.
- Digital products, such as electronic books and games, were up 1.42% month over month, seasonally adjusted, and 9.39% year over year, unadjusted.
“Retail sales grew for a sixth consecutive month in March as the first wave of tax refunds offset higher gas prices resulting from the conflict in the Middle East,” NRF president and CEO Matthew Shay said in announcing the data. “Despite record-low consumer sentiment and the highest inflation rate in two years, consumers continued to spend on household priorities. As consumers focus on costs, retailers remain laser-focused on keeping prices competitive and affordable.”
Unlike survey-based numbers collected by the United States Census Bureau, the Retail Monitor uses anonymized credit and debit card purchase data compiled by Affinity Solutions, which does not need monthly or annual revision.
