With consumers stocking up on back-to-school supplies and early spending to beat the rising tariff concerns, retail sales grew in August, according to the CNBC/NRF Retail Monitor, powered by Affinity Solutions, released today by the National Retail Federation. Total retail sales (excluding automobiles and gasoline) in August were up 0.5% seasonally adjusted month over month and up 6.81% unadjusted year over year.
“Spending was supported by lower fuel costs, tax-free holidays and consumers buying products before tariff increases take effect,” NRF President and CEO Matthew Shay said in the report.
However, the report noted the possibility of tariff-related inflation impeding growth. “We may be seeing inflationary impacts from tariffs since recent data shows price increases in commodity goods,” said Shay. “Even with weaker job growth than many expected, employment remains stable and at a high level, giving consumers the ability to spend thoughtfully on household priorities. Nonetheless, consumers are preserving spending power by cutting back on less-essential services.”
August sales were up in all but one of the nine categories. The leading sales were in digital products, followed by sporting goods and clothing, respectively.
- Digital products (such as electronic books and games) were up 1.58% month over month seasonally adjusted and up 25.98% year over year unadjusted.
- Sporting goods, hobby, music and book stores were down 0.82% month over month seasonally adjusted but up 8.96% year over year unadjusted.
- Clothing and accessories stores were up 0.2% month over month seasonally adjusted and up 8.26% year over year unadjusted.
- General merchandise stores were up 0.39% month over month seasonally adjusted and up 7.63% year over year unadjusted.
- Grocery and beverage stores were up 0.98% month over month seasonally adjusted and up 7.17% year over year unadjusted.
- Electronics and appliance stores were down 0.28% month over month seasonally adjusted but up 3.57% year over year unadjusted.
- Health and personal care stores were down 0.07% month over month seasonally adjusted but up 3.25% year over year unadjusted.
- Furniture and home furnishings stores were up 0.23% month over month seasonally adjusted and up 3.07% year over year unadjusted.
- Building and garden supply stores were down 2.13% month over month seasonally adjusted and down 7.77% year over year unadjusted.
