NRF: Retail sales make strong comeback in July
Retail spending bounced back in July as consumers sought out summer sales promotions and purchased goods before more tariffs take effect.
Core retail sales (excluding restaurants, automobile dealers and gasoline stations) rose 1.55% month over month in July and were up 5.93% year over year, according to the CNBC/NRF Retail Monitor released Monday by the National Retail Federation. That compared with a decrease of 0.32% month over month and an increase of 3.36% year over year in June.
Total retail sales (excluding automobiles and gasoline but including restaurants) increased 1.45% month over month and rose 5.89% year over year in July, according to the Retail Monitor. That compared with a decrease of 0.33% and an increase of 3.19% year over year in June.
For the first seven months of the year, core sales were up 5.07% and total sales were up 4.83% year over year.
[READ MORE: Import cargo levels expected to fall over 5% from 2024 amid tariffs]
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.
“Consumer spending increased in July, driven by successful summer sales events held by many retailers and shoppers continuing to pull purchases forward ahead of tariffs,” NRF president and CEO Matthew Shay said. “Month-over-month gains were sizeable against a weaker-than-normal June. We may be seeing growing inflationary impacts from tariffs since recent data shows price increases in commodity goods, particularly non-durables.”
July sales were up in in all but one category — electronics and appliance stores — on a monthly basis. Sporting goods, hobby, music and book stores led the increases, rising 2.36% month over month in July.
Specifics from key sectors are below.
- Digital products (such as electronic books and games) were up 1.35% month over month and up 25.01% year over year.
- Sporting goods, hobby, music and book stores were up 2.36% month over month and up 9.99% year over year.
- General merchandise stores were up 2.04% month over month and up 6.94% year over year.
- Clothing and accessories stores were up 1.75% month over month and up 6.73% year over year.
- Grocery and beverage stores were up 1.43% month over month and up 5.42% year over year.
- Health and personal care stores were up 1.69% month over month and up 4.44% year over year.
- Electronics and appliance stores were down 0.51% month over month but up 2.11% year over year.
- Furniture and home furnishings stores were up 0.98% month over month and up 1.53% year over year.
- Building and garden supply stores were up 1.32% month over month but down 4.11% year over year.
