As expected, consumers spent less money in January than during the busy holiday month before. Still, the National Retail Federation announced that retail sales gained year-over-year, according to the CNBC/NRF Retail Monitor.
Core retail sales grew 4% year over year for the 2024 holiday season and 3.6% for the full year, NRF noted.
As for sales in specific retail channels:
- General merchandise stores were down 2.43% month over month, seasonally adjusted, but up 7.53% year over year unadjusted.
- Furniture and home furnishings stores were down 2.03% month over month, seasonally adjusted, and 0.27% year over year unadjusted.
- Building and garden supply stores were up 0.27% month over month, seasonally adjusted, but down 0.99% year over year unadjusted.
- Electronics and appliance stores were down 1.46% month over month, seasonally adjusted, but up 1.57% year over year unadjusted.
- Health and personal care stores were up 0.77% month over month, seasonally adjusted, and 10.39% year over year unadjusted.
- Grocery and beverage stores were down 0.23% month over month, seasonally adjusted, but up 5.65% year over year unadjusted.
- Sporting goods, hobby, music and bookstores were down 1.89% month over month seasonally adjusted but up 2.82% year over year unadjusted.
- Clothing and accessories stores were down 2.96% month over month, seasonally adjusted, but up 7.67% year over year unadjusted.
- Online and other non-store sales were up 0.44% month over month, seasonally adjusted, and 30.49% year over year unadjusted.
“Consumers pulled back in January, taking a breather after a stronger-than-expected holiday season,” NRF president and CEO Matthew Shay said in announcing the numbers. “Despite the monthly decline, the year-over-year increases reflect overall consumer strength as a strong job market and wage gains above the rate of inflation continue to support spending. We’re seeing a ‘choiceful’ and value-conscious consumer who is rotating spending across goods and services and essentials and non-essentials, boosting some sectors while causing challenges in others.”
Unlike survey-based numbers collected by the Census Bureau, the Retail Monitor uses anonymized credit and debit card purchase data compiled by Affinity Solutions that does not need revision monthly or annually.
