The National Retail Federation has stated retail sales rose again in May as consumers continued to spend despite economic challenges.
NRF’s calculation of retail sales, excluding automobile dealers, gasoline stations and restaurants to capture core retail results, had May up 0.4% from April and 4.4% unadjusted year over year. In April, sales were up 0.6% month over month and 1.4% year over year. NRF’s numbers increased 3% unadjusted year over year on a three-month moving average as of May. Sales advanced 4.2% year over year for the first five months of the year.
By channel, NRF pointed out:
- General merchandise stores were up 0.4% month over month seasonally adjusted and 1.7% unadjusted year over year.
- Furniture and home furnishings stores were up 0.4% month over month seasonally adjusted but down 4.5% unadjusted year over year.
- Building materials and garden supply stores were up 2.2% month over month seasonally adjusted and 1.9% unadjusted year over year.
- Health and personal care stores were flat month over month seasonally adjusted but up 9.7% unadjusted year over year.
- Electronics and appliance stores were up 0.2% month over month seasonally adjusted but down 4.1% unadjusted year over year.
- Grocery and beverage stores were up 0.3% month over month seasonally adjusted and 3.7% unadjusted year over year.
- Sporting goods stores were up 0.3% month over month seasonally adjusted and 2.5% unadjusted year over year.
- Clothing and clothing accessory stores were flat month over month seasonally adjusted but down 0.2% unadjusted year over year.
- Online and other non-store sales were up 0.3% month over month seasonally adjusted and 8.7% unadjusted year over year.
“Consumers continued to spend on household priorities in May, supported by gains in the job market and wages,” NRF president and CEO Matthew Shay said, in announcing the sales figures. “Retailers recognize the ongoing pressure on cost-sensitive consumers and are offering competitive pricing, a wide product mix and convenient shopping options to help stretch family budgets.”
NRF chief economist Jack Kleinhenz added. “This was a positive report with no sign of an abruptly slowing economy despite what has happened with inflation and interest rate pressures. Even though shoppers dialed back in some categories on a year-over-year basis, these numbers confirm that consumers still have the capacity to spend. Job growth and wages are providing buoyancy, although inflation continues to take a bite out of consumer income. May is typically a strong month for retail as spring shopping hits its peak, but above-average temperatures and below-average precipitation no doubt played a favorable role.”
As the leading authority and voice for the retail industry, NRF provides data on retail sales each month and also forecasts annual retail sales and spending for key periods such as the holiday season each year.
