The National Retail Federation (NRF) released its CNBC/NRF Retail Monitor, powered by Affinity Solutions. In particular, the survey noted that retail sales experienced strong YOY gains despite shoppers spending less in January than they did during the busy holiday month prior.
“Consumers pulled back in January, taking a breather after a stronger-than-expected holiday season,” NRF president and CEO, Matthew Shay said. “Despite the monthly decline, the year-over-year increases reflect overall consumer strength as a strong job market and wage gains above the rate of inflation continue to support spending. We’re seeing a ‘choiceful’ and value-conscious consumer who is rotating spending across goods and services and essentials and non-essentials, boosting some sectors while causing challenges in others.”
Retail sales, excluding automobiles and gasoline, were down 1.07 percent, seasonally, adjusted month-over-month, but up 5.44 percent unadjusted YOY in January. This compared to a 1.74 month-over-month increase, and 7.24 percent YOY in December.
The Retail Monitor’s calculation of core retail sales – excluding restaurants, automobile dealers and gas stations – was down 1.27 percent month-over-month, in January, but up 5.72 percent YOY. That compared with increases of 2.19 percent month-over-month and 8.41 percent YOY in December.
The results come after core retail sales grew four percent YOY during the 2024 holiday season, and 3.6 percent for the full year.
Unlike survey-based numbers collected by the Census Bureau, the Retail Monitor uses anonymized credit and debit card purchase data compiled by Affinity Solutions, and does not need to be revised monthly or annually.
January sales were up in seven out of nine categories on a yearly basis, led by online sales, health stores, personal care stores, clothing stores and accessories stores. Sales were up in three categories on a monthly basis. Specifics from key sectors include:
- Online and other non-store sales were up 0.44 percent month over month, seasonally, adjusted and up 30.49 percent YOY, unadjusted.
- Health and personal care stores were up 0.77 percent, month over month, seasonally adjusted and up 10.39 percent YOY, unadjusted.
- Clothing and accessories stores were down 2.96 percent, month over month, seasonally adjusted but up 7.67 percent YOY, unadjusted.
- General merchandise stores were down 2.43 percent, month over month, seasonally adjusted but up 7.53 percent YOY, unadjusted.
- Grocery and beverage stores were down 0.23 percent, month over month, seasonally adjusted but up 5.65 percent YOY, unadjusted.
- Sporting goods, hobby, music and book stores were down 1.89 percent, month over month, seasonally adjusted but up 2.82 percent YOY, unadjusted.
- Electronics and appliance stores were down 1.46 percent, month over month, seasonally adjusted but up 1.57 percent YOY, unadjusted.
- Furniture and home furnishings stores were down 2.03 percent, month over month, seasonally adjusted and down 0.27 percent YOY, unadjusted.
- Building and garden supply stores were up 0.27 percent, month over month, seasonally adjusted but down 0.99 percent YOY, unadjusted.
To learn more, visit nrf.com/nrf/cnbc-retail-monitor.
