Many retailers overcame higher prices in April to show both monthly and year-over-year sales increases, the National Retail Federation announced.
NRF’s calculation of retail sales, excluding automobile dealers, gasoline stations and restaurants to focus on core retail, indicated that April gains were 0.9% seasonally adjusted from March and 6.4% unadjusted year over year. In March, sales gained 1% month over month and up 3.9% year over year as stated in the NRF sales calculation.
April sales advanced in two-thirds of the Census Bureau-defined retail categories on both a monthly and yearly basis, with year-over-year gains led by online sales and clothing and grocery stores.
According to NRF:
- General merchandise store sales increased 0.2% month over month seasonally adjusted and 3.7% unadjusted year over year.
- Health and personal care store sales increased 0.7% month over month seasonally adjusted and 1.2% unadjusted year over year.
- Furniture and home furnishings store sales increased 0.7% month over month seasonally adjusted and 0.9% unadjusted year over year.
- Electronics and appliance store sales increased 1% month over month seasonally adjusted but decreased 4.7% unadjusted year over year.
- Building materials and garden supply store sales decreased 0.1% month over month seasonally adjusted and 1.2% unadjusted year over year.
- Online and other non-store sales increased 2.1% month over month seasonally adjusted and 11.3% unadjusted year over year.
- Clothing and clothing accessory store sales increased 0.8% month over month seasonally adjusted and 11.2% unadjusted year over year.
- Grocery and beverage store sales decreased 0.2% month over month seasonally adjusted but increased 8.9% unadjusted year over year.
- Sporting goods store sales decreased 0.5% month over month seasonally adjusted and 3.1% unadjusted year over year.
In announcing the numbers, NRF president and CEO Matthew Shay said, “April retail sales demonstrate consumer strength and willingness to spend despite persistent inflation, supply chain constraints, market volatility and global unrest. While consumers are facing higher prices, they are preserving their budgets by shopping smart. Retail businesses are also facing increased costs like higher energy bills and rents as well as the cost of goods, transportation and wages. Despite already tight margins, retailers remain committed to their customers and are doing everything they can to absorb these costs to keep products affordable. With the Federal Reserve already raising interest rates, the Biden administration and Congress have an opportunity to provide targeted relief to American households by lifting the China tariffs, passing legislation to fix the supply chain and addressing immigration reform to ease the tight labor market.”
For his part, NRF chief economist Jack Kleinhenz said, “April’s retail sales data is encouraging because it shows consumers are taking higher prices in stride and remain resilient. Sales benefited from Easter/Passover spending and also from tax refunds, which have been delayed by pandemic-related issues at the IRS but are also larger than usual. High gasoline prices, rising interest rates and price pressures across the board continue to be headwinds to spending, but wage and job gains are offsetting that with a tailwind that should bode well for moderate-but-steady spending growth going forward.”
