NRF: Retail sales inch up in May; pre-tariff ‘pull-forward’ shopping lessens
Retail sales continued to grow in May even though consumers slowed down on stocking up ahead of tariffs, reported the National Retail Federation.
Core retail sales (excluding restaurants, auto dealers and gasoline stations) rose 0.23% month over month in May and were up 4.2% year over year, according to the CNBC/NRF Retail Monitor, released by the NRF. That compared with increases of 0.9% month over month and 7.11% year over year in April.
Total retail sales (including restaurants but excluding automobiles and gasoline) were up 0.49% month over month and up 4.44% year over year in May. (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.)
For the first five months of the year, total sales were up 4.95% year over year and core sales were up 5.24%.
“The data for May indicates that the pull-forward in consumer demand ahead of tariffs is likely dissipating,” NRF president and CEO Matthew Shay said. “While momentum remains, the nature of consumer spending is shifting as economic uncertainty increases.”
May sales and were up in six categories on a monthly basis and up in seven out of nine categories on a yearly basis, led by digital products, sporting goods stores and general merchandise stores.
Specifics from key sectors are below.
- Digital products were up 1.81% month over month and up 28.04% year over year.
- Sporting goods, hobby, music and book stores were up 0.42% month over month and up 8.21% year over year.
- General merchandise stores were up 0.4% month over month and up 4.63% year over year.
- Grocery and beverage stores were up 0.46% month over month and up 4.53% year over year.
- Health and personal care stores were up 0.06% month over month and up 3.85% year over year.
- Clothing and accessories stores were up 0.67% month over month and up 3.21% year over year.
- Furniture and home furnishings stores were down 0.24% month over month and down 0.1% year over year.
- Building and garden supply stores were down 2.3% month over month and down 7.31% year over year.
- Electronics and appliance stores were down 1.98% month over month but up 2.58% year over year.
