NRF Retail Monitor shows slight sales growth in April

WASHINGTON— Retail sales grew slightly from the month before in April 2024, but this year’s early Easter appeared to be behind a slight year-over-year decline in some categories including furniture, 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.”

In April, retail sales, excluding cars and gas, increased slightly by 0.26% when adjusted for seasonal variations but decreased by 0.6% compared with the same time last year. This contrasts with March’s numbers, which saw a higher increase both monthly and yearly.

Core retail sales, which exclude restaurants as well as cars and gas, increased by 0.4% compared with the previous month and remained nearly the same, down only 0.05%, compared to last year. March showed a lower monthly increase but a higher yearly increase for core sales.

The survey showed that home furnishings stores were up 1.67% month-over-month seasonally adjusted but down 3.28% year-over-year unadjusted.

The year-over-year decline seems to be influenced by factors like Easter falling in April last year but in March this year, as well as fewer weekend days in April this year. Despite this decline, total sales for the first four months of the year were up by 1.82%, and core sales were up by 2.31%.

These statistics are based on actual credit and debit card purchase data from Affinity Solutions, rather than survey-based data from the Census Bureau, making them more reliable and not subject to monthly or annual revisions.

See also:

  • Who are 2024’s top global retailers? The NRF reveals its list
  • US economy slowed in Q1, but shows signs of resilience: NRF

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