May 9, 2024 – NRF – Retail sales grew modestly from the month before in April, but a shift in the timing of Easter appeared to be behind a slight year-over-year decline, according to the CNBC/NRF Retail Monitor, powered by Affinity Solutions, released today by the National Retail Federation.

“Consumer spending continues to drive economic growth and retail sales increases, though we see some moderation in spending as consumers continually search for value,” NRF President and CEO Matthew Shay said. “The ability to spend is supported by a growing job market and real gains in wages. Overall inflation remains stubborn because of elevated prices for services, while inflation for goods has dropped to nearly zero. Consumers remain focused on value and price and are shifting their spending patterns where needed to make ends meet.”

Total retail sales, excluding automobiles and gasoline, were up 0.26% seasonally adjusted month over month but down 0.6% unadjusted year over year in April, according to the Retail Monitor. That compared with increases of 0.36% month over month and 2.72% year over year in March.

The Retail Monitor calculation of core retail sales (excluding restaurants in addition to automobiles and gasoline) was up 0.4% month over month in April and almost unchanged — down just 0.05% — year over year. That compared with increases of 0.23% month over month and 2.92% year over year in March.

The year-over-year decline appeared to be an anomaly reflecting that Easter fell in April last year but came in March this year, and April had two fewer weekend days this year. Despite the drop, total sales were up 1.82% year over year for the first four months of the year and core sales were up 2.31%.

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.

April sales were up in five out of nine retail categories on a yearly basis, led by online sales, health and personal care stores, and building and garden supply stores. Sales were up in all but one category on a monthly basis. Specifics from key sectors include:

• Online and other non-store sales were up 1.18% month over month seasonally adjusted and up 13.88% year over year unadjusted.
• Health and personal care stores were up 0.85% month over month seasonally adjusted and up 5.26% year over year unadjusted.
• Building and garden supply stores were up 4.39% month over month seasonally adjusted and up 4.41% year over year unadjusted.
• Clothing and accessories stores were up 0.46% month over month seasonally adjusted and up 2.08% year over year unadjusted.
• General merchandise stores were up 0.26% month over month seasonally adjusted and up 0.69% year over year unadjusted.
• Sporting goods, hobby, music and book stores were up 0.26% month over month seasonally adjusted but down 0.38% year over year unadjusted.
• Electronics and appliance stores were up 2.14% month over month seasonally adjusted but down 1.55% year over year unadjusted.
• Furniture and home furnishings stores were up 1.67% month over month seasonally adjusted but down 3.28% year over year unadjusted.
• Grocery and beverage stores were down 1.11% month over month seasonally adjusted and down 4.46% year over year unadjusted.

To learn more, visit nrf.com/nrf/cnbc-retail-monitor.