Core retail sales up 7% year over year in April as consumers stocked up pre-tariffs
Retail sales rose in April as many consumers continued to move up buying to avoid higher prices expected to result from tariffs.
Core retail sales (excluding restaurants, automobile dealers and gasoline stations) increased 0.9% month-over-month in April and 7.11% year-over-year, according to the CNBC/Retail Monitor released by the National Retail Federation, which uses actual, anonymized credit and debit card purchase data compiled by Affinity Solutions. The April increase compared with increases of 0.4% month-over-month and an increase of 5.07% year-over-year in March.
Total retail sales (including restaurants but excluding automobiles and gasoline) were up 0.72% month over month in April and up 6.76% year over year in April.
Total sales were up 5.08% year-over-year for the first four months of the year and core sales were up 5.5%.
“Spending rose again in April, driven largely by consumers continuing to pull purchases forward to stay ahead of tariffs that will inevitably lead to higher prices,” said NRF president and CEO Matthew Shay. “Despite declines in confidence caused by the economic uncertainty that has come with tariffs, consumer fundamentals remain intact, supported by low unemployment, slower-but-steady income growth and solid household finances."
In addition to strong tariff-driven spending, year-over-year comparisons were likely boosted because Easter fell in April this year after falling in March last year.
[READ MORE: Tariffs, supplier costs to result in higher prices for consumers]
In addition to strong tariff-driven spending, year-over-year comparisons were likely boosted because Easter fell in April this year after falling in March last year.
April sales were up in eight out of nine categories on a yearly basis, led by digital products, electronics and appliance stores, and grocery and beverage stores. Sales were also up in eight out nine categories on a monthly basis.
Specifics from key sectors include:
- Digital products were up 0.62% month-over-month and up 27.67% year-over-year.
- Electronics and appliance stores were up 2.8% month-over-month and up 10.5% year-over-year.
- Sporting goods, hobby, music and book stores were up 0.81% month-over-month and up 9.19% year-over-year.
- Health and personal care stores were up 1.43% month-over-month and up 8.51% year-over-year.
- General merchandise stores were down 0.02% month-over-month but up 6.67% year-over-year.
- Clothing and accessories stores were up 1.14% month-over-month and up 5.14% year-over-year.
- Furniture and home furnishings stores were up 0.86% month-over-month and up 0.09% year-over-year.
- Building and garden supply stores were up 2.77% month-over-month but down 2.1% year-over-year.
- Grocery and beverage stores were up 0.59% month-over-month seasonally adjusted and up 9.51% year-over-year.
