NRF: Retail sales show mixed growth trends in September
Retail sales saw a slight month-over-month drop in September 2024, but year-over-year consumer spending increased.
According to the CNBC/NRF Retail Monitor, as interest rates and inflation fell and employment rose, total retail sales, excluding automobiles and gasoline, were down 0.32% seasonally adjusted month-over-month. However, total retail sales grew 0.55% unadjusted year-over-year.
These results compare with increases of 0.45% month-over-month and 2.11% year over year in August. (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.)
[READ MORE: NRF: Retail sales grew again in August]
The Retail Monitor calculation of core retail sales (excluding restaurants in addition to automobiles dealers and gasoline stations) was down 0.28% month-over-month in September 2024, but up 0.94% year-over-year. That compared with increases of 0.17% month-over-month and 1.93% year-over-year in August 2024.
The month-over-month decline was the first since January 2024 for both total and core sales and only the second since the Retail Monitor began tracking sales in October 2022. Total sales were up 1.91% year-over-year for the first nine months of 2024 and core sales were up 2.18%
"After seven consecutive months of gains, consumers pulled back a bit in September, which is historically a soft month for retail sales," NRF president and CEO Matthew Shay said. "Due to geopolitical tensions, uncertainty regarding election outcomes, anticipation of the port strike and lingering inflation in services, shoppers showed caution. However, year-over-year gains showed consumers were still spending on household priorities."
September 2024 sales were up in five out of nine retail categories on a yearly basis, led by online sales, clothing and accessories stores and health and personal care stores. Sales were up in three categories on a monthly basis. Specifics from key retail sectors include:
- Online and other non-store sales were up 1.59% month-over-month seasonally adjusted and up 15.21% year-over-year unadjusted.
- Clothing and accessories stores were up 1.06% month-over-month seasonally adjusted and up 10.31% year over year unadjusted.
- Health and personal care stores were up 0.04% month-over-month seasonally adjusted and up 4.82% year-over-year unadjusted.
- General merchandise stores were down 0.1% month-over-month seasonally adjusted but up 2.09% year-over-year unadjusted.
- Grocery and beverage stores were down 0.1% month-over-month seasonally adjusted but up 0.42% year-over-year unadjusted.
- Electronics and appliance stores were down 0.6% month-over-month seasonally adjusted and down 1.63% year-over-year unadjusted.
- Building and garden supply stores were down 1.82% month-over-month seasonally adjusted and down 4.25% year-over-year unadjusted.
- Furniture and home furnishings stores were down 1.5% month-over-month seasonally adjusted and down 4.8% year-over-year unadjusted.
- Sporting goods, hobby, music and bookstores were down 1.29% month-over-month seasonally adjusted and down 9.46% year-over-year unadjusted.
