The National Retail Federation announced that retail started strong in 2024, with January sales nearly matching December’s busy holiday spending and rising significantly year over year, according to the CNBC/NRF Retail Monitor.
The Retail Monitor calculation of core retail sales, excluding restaurant revenues in addition to those of the automobile and fuel channels, declined only 0.04% month over month and gained 3.24% year over year in January, NRF stated. December sales increased 0.19% month over month and 2.4% year over year.
Sales results from core channels include:
- General merchandise stores are down 0.64% month over month seasonally adjusted but up 1.14% year over year unadjusted.
- Furniture and home furnishings stores are down 0.97% month over month seasonally adjusted and 6.35% year over year unadjusted.
- Building and garden supply stores are up 0.48% month over month but down 1.55% year over year unadjusted.
- Health and personal care stores are up 0.51% month over month, seasonally adjusted, and 9.7% year over year unadjusted.
- Electronics and appliance stores are up 1.34% month over month seasonally adjusted but down 4.21% year over year unadjusted.
- Grocery and beverage stores are down 0.2% month over month but up 4.06% year over year unadjusted.
- Sporting goods, hobby, music and bookstores were down 0.65% month over month seasonally adjusted but up 1.79% year over year unadjusted.
- Clothing and accessories stores are up 0.52% month over month and 5.9% year over year unadjusted.
- Online and other non-store sales are up 0.68% month over month, seasonally adjusted, and 25.47% year over year unadjusted.
January is the fourth month that Retail Monitor has provided data on retail sales, but rather than the survey-based numbers collected by the United States Census Bureau, the Retail Monitor uses anonymized credit and debit card purchase data compiled by Affinity Solutions and does not need to be revised monthly or annually.
“January sales continued the strong performance of retail sales in December, which is impressive coming off a record holiday season,” NRF president and CEO Matthew Shay said when announcing the sales numbers. “More importantly, year-over-year growth was solid, showing consumers are still optimistic and willing to act on the spending power brought by growing employment and wages. This is a great start to the new year.”
