NRF: Retail sales rise in October as consumer spending remains ‘solid’
Retail sales bounced back in October with both monthly and year-over-year gains as consumers geared up for the holiday season.
Core retail sales (excluding restaurants, automobile dealers and gasoline stations) in October rose 0.6% month and up 4.89% year over year, according to the NRF/CNBC Retail Monitor released by the National Retail Federation. That compared with a decrease of 0.49% month over month and an increase of 5.72% year over year in September. Core sales are up 5.28% for the first 10 months of the year.
Total retail sales (including restaurants but excluding automobile dealers and gasoline stations) increased 0.6% month over month and up 5% year over year in October. That compared with a decrease of 0.66% month over month in September. Total sales are up 5.11% year over year for the first 10 months of the year.
The October sales report comes days after the NRF released its annual holiday forecast, which predicted that that sales in November and December will grow between 3.7% and 4.2% over 2024. That translates to total spending between $1.01 trillion and $1.02 trillion
“Recent economic data has been mixed, yet consumer spending remains solid — supported by wage growth outpacing inflation, historically low unemployment, and wealth effects from strong stock market valuations,” said NRF president and CEO Matthew Shay. “These factors point to continued momentum heading into the holidays.”
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.
October sales were up in all but two categories on a monthly basis. Specifics from key sectors are below.
- Digital products (such as electronic books and games) were up 2.02% month over month and up 22.39% year over year.
- Clothing and accessories stores were up 1.42% month over month and up 7.89% year over year.
- Sporting goods, hobby, music and book stores were up 0.09% month over month and up 7.19% year over year.
- General merchandise stores were up 0.58% month over month and up 6.99% year over year.
- Electronics and appliance stores were up 0.13% month over month and up 6.58% year over year.
- Grocery and beverage stores were up 0.59% month over month and up 4.08% year over year.
- Health and personal care stores were up 0.58% month over month and up 1.9% year over year.
- Furniture and home furnishings stores were down 0.08% month over month seasonally adjusted and down 1.7% year over year unadjusted.
- Building and garden supply stores were down 0.81% month over month and down 8.52% year over year.
