Retail sales advanced during a July that saw lots of early back-to-school spending and major promotions from Amazon, Walmart, Target and other retailers.
According to the CNBC/NRF Retail Monitor, shoppers purchasing for return to classes, to take advantage of promotional deals and for other reasons spent at elevated rates through July.
The Retail Monitor calculation of core retail sales, which excludes restaurants, automobiles and gasoline, gained 0.95% month over month in July and 1.69% year over year. In June, sales increased 0.3% month over month and 3.07% year over year. Total retail sales, excluding automobiles and gasoline, were up 0.74% seasonally adjusted month over month and 0.92% unadjusted year over year in July, according to the Retail Monitor. The July figures compare with increases of 0.47% month over month and 3.42% year over year in June. For the first seven months of 2024, total retail sales were up 2.1%, and core sales were up 2.4%.
“July’s data reflects what we are seeing across the economy, that while consumers remain cautious, they are still spending on essentials when they find value,” NRF President and CEO Matthew Shay said. “Labor market trends have softened recently and interest rates remain high, but economic fundamentals are intact and inflation has fallen to nearly zero for goods even though prices for services are elevated. July sales were likely bolstered by back-to-school and back-to-college spending, which was reflected in gains for retailers selling everything from clothing and crayons to computers and dorm room furnishings.”
Here are NRFJuly sales comparisons by channel:
- General merchandise stores were up 1.75% month over month seasonally adjusted and 9.68% year over year unadjusted.
- Furniture and home furnishings stores were up 1.41% month over month seasonally adjusted and 2.29% year over year unadjusted.
- Building and garden supply stores were down 0.53% month over month seasonally adjusted and 1.97% year over year unadjusted.
- Health and personal care stores were down 0.15% month over month seasonally adjusted and 2.29% year over year unadjusted.
- Electronics and appliance stores were up 0.57% month over month seasonally adjusted and 5.27% year over year unadjusted.
- Grocery and beverage stores were up 0.6% month over month seasonally adjusted and 0.47% year over year unadjusted.
- Sporting goods, hobby, music and book stores were up 1.27% month over month seasonally adjusted and 1.13% year over year unadjusted.
- Clothing and accessories stores were up 0.32% month over month seasonally adjusted but down 4.79% year over year unadjusted.
- Online and other non-store sales were up 0.82% month over month seasonally adjusted and 18.45% year over year unadjusted.
Unlike the survey-based numbers collected by the United States Census Bureau, Retail Monitor uses anonymized credit and debit card purchase data compiled by Affinity Solutions that does not need to be revised monthly or annually.
