NRF: Retail sales inch up for sixth consecutive month in March
Retail sales rose slightly in March despite inflation and high gasoline prices as many consumers received higher-than-usual tax refunds.
Core retail sales (excluding restaurants, auto dealers and gas stations) were up 0.41% month over month in March and are up 7.05% year over year, according to the CNBC/Retail Monitor released Tuesday by the National Retail Federation. That compared with increases of 0.27% month over month and 5.87% year over year in February.
Total retail sales (including restaurants but excluding automobile dealers and gasoline stations) rose 0.4% month over month and up 6.59% unadjusted year over year in March, according to the Retail Monitor. That compared with increases of 0.28% month over month and 6.24% year over year in February.
Core sales were up 6.14% during the first quarter. Total sales rose 6.18%.
The results came as the IRS said 2026 tax refunds averaged $3,521 as of late March, up 11.1% from 2025 following changes in tax law passed last year.
“Retail sales grew for a sixth consecutive month in March as the first wave of tax refunds offset higher gas prices resulting from the conflict in the Middle East,” stated NRF president and CEO Matthew Shay. “Despite record low consumer sentiment and the highest inflation rate in two years, consumers continued to spend on household priorities.”
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.
Categories
March sales were up in all but two categories — furniture/home furnishings stores and building/garden supply stores —on a monthly basis. Specifics from key sectors are below.
•Health and personal care stores were up 0.51% month over month and up 12.25% year over year.
•Clothing and accessories stores were up 0.57% month over month and up 10.89% year over year.
•Sporting goods, hobby, music and book stores were up 0.4% month over month and up 10.88% year over year.
•Digital products (such as electronic books and games) were up 1.42% month over month and up 9.39% year over year.
•General merchandise stores were up 0.38% month over month and up 8.77% year over year.
•Electronics and appliance stores were up 0.06% month over month and up 7.67% year over year.
•Grocery and beverage stores were up 0.39% month over month and up 3.78% year over year.
•Furniture and home furnishings stores were down 0.11% month over month but up 3.54% year over year.
•Building and garden supply stores were down 0.08% month over month and down 0.47% year over year.
