Retail sales experienced a slight monthly increase in January but much stronger year-over-year gains, according to the CNBC/NRF Retail Monitor report released by the National Retail Federation.
The Retail Monitor calculation of core retail sales, which excludes restaurants, auto dealers and gas stations, increased 0.15% month over month in January, advancing 5.51% year over year. The figures compared with increases of 1.6% month over month and 3.58% year over year in December.
January’s results follow a record-breaking November/December holiday season, NRF pointed out, when sales grew 4.1% year-over-year.
Results by channel were, according to NRF:
- General merchandise stores were down 0.05% month over month, seasonally adjusted, but up 5.46% year over year, unadjusted.
- Furniture and home furnishings stores were down 0.31% month over month, seasonally adjusted, but up 2.39% year over year, unadjusted.
- Building and garden supply stores were down 0.15% month over month, seasonally adjusted, and 6.26% year over year, unadjusted.
- Electronics and appliance stores were down 0.18% month over month, seasonally adjusted, but up 2.54% year over year, unadjusted.
- Health and personal care stores were up 0.66% month over month, seasonally adjusted, and 5.98% year over year, unadjusted.
- Grocery and beverage stores were up 0.37% month over month, seasonally adjusted, and 5.41% year over year, unadjusted.
- Sporting goods, hobby, music and book stores were down 0.37% month over month seasonally adjusted but up 4.94% year over year unadjusted.
- Clothing and accessories stores were up 0.23% month over month, seasonally adjusted, and 9.39% year over year, unadjusted.
- Digital products, including electronic books and games, were up 1.22% month over month, seasonally adjusted, and 6.45% year over year, unadjusted.
“Consumers demonstrated continued resilience in January, showing moderate spending growth on the heels of record-high spending during the holiday season,” NRF President and CEO Matthew Shay said, in announcing the Retail Monitor report. “This was the fourth consecutive month that sales rose from the month before and year-over-year gains were particularly strong. Consumer spending continues to drive the broader economy forward, supported by healthy household finances and real wage gains that have increased purchasing power. Retailers are doing their part by leveraging supply chains and new technologies to ensure that products remain affordable for American families.”
Unlike survey-based data 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 revision.
