Total and core retail sales rose in May despite high gas prices and ongoing inflation, as consumers adjusted to economic conditions, according to the CNBC/NRF Retail Monitor released by the National Retail Federation.
Total retail sales in May, with automobile dealers and gasoline stations revenues excluded, were up 0.42% seasonally adjusted month over month and 7.19% unadjusted year over year, according to the Retail Monitor. The figures compared with increases of 0.34% month over month and 5.73% year over year in April.
The Retail Monitor calculation of core retail sales, which excludes restaurants in addition to auto dealers and gas stations, was up 0.39% month over month in May and 6.98% year over year compared with increases of 0.34% and 5.53%, respectively, in April.
Total sales advanced 6.29% year over year during the first five months of the year, with core sales up 6.19%.
May sales by key sectors include, NRF noted:
- General merchandise stores were up 0.41% month over month seasonally adjusted and 8.28% year over year unadjusted.
- Furniture and home furnishings stores were down 0.09% month over month, seasonally adjusted, and up 3.35% year over year, unadjusted.
- Building and garden supply stores were down 0.38% month over month, seasonally adjusted, and 1.88% year over year, unadjusted.
- Electronics and appliance stores were up 0.05% month over month seasonally adjusted and 11.59% year over year unadjusted.
- Health and personal care stores were up 0.45% month over month seasonally adjusted and 8.87% year over year unadjusted.
- Grocery and beverage stores were up 0.48% month over month seasonally adjusted and 6.01% year over year unadjusted.
- Sporting goods, hobby, music and book stores were up 0.25% month over month seasonally adjusted and 8.59% year over year unadjusted.
- Clothing and accessories stores were up 0.6% month over month seasonally adjusted and 10.25% year over year unadjusted.
- Digital products such as electronic books and games were up 1.22% month over month, seasonally adjusted, and 7.79% year over year, unadjusted.
“Retail sales maintained momentum in May, driven by a resilient labor market and consumers’ continued willingness to spend on retail goods despite pressure from elevated gas prices, tariffs and the conflict in the Middle East,” NRF President and CEO Matthew Shay said. “As support from this year’s large tax refunds fades, consumers are prioritizing essentials and finding creative ways to stretch their household budgets. To support them, retailers are actively engaging their supply chains and supplier networks to keep prices 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 and does not require monthly or annual revisions.
