Retail sales grew at a steady pace in March, according to the CNBC/NRF Retail Monitor and released by the National Retail Federation, with core retail sales up 0.23% month over month and 2.92% year over year in the month.
Total retail sales, excluding automobiles and gasoline but including foodservice, were up 0.36% seasonally adjusted month over month and up 2.72% unadjusted year over year in March, Retail Monitor reported. Those figures compared with gains of 0.4% month over month and 2.7% year over year in February, based on the first 28 days of the month.
In the first quarter, total retail sales increased 2.65% year over year and core sales gained 3.12%.
Sales results from key channels were, according to Retail Monitor:
- General merchandise stores were up 0.13% month over month seasonally adjusted and 3.38% year over year unadjusted.
- Furniture and home furnishings stores were down 1.46% month over month seasonally adjusted and 5.28% year over year unadjusted.
- Building and garden supply stores were down 2.13% month over month and 3.97% year over year unadjusted.
- Electronics and appliance stores were down 2.27% month over month seasonally adjusted and 5.92% year over year unadjusted.
- Health and personal care stores were up 0.03% month over month, seasonally adjusted, and 4.5% year over year unadjusted.
- Grocery and beverage stores were up 1.17% month over month and 4.22% year over year unadjusted.
- Sporting goods, hobby, music and bookstores were up 0.86% month over month seasonally adjusted and 8.33% year over year unadjusted.
- Clothing and accessories stores were down 0.01% month over month but up 2.13% year over year unadjusted.
- Online and other non-store sales were up 2.48% month over month, seasonally adjusted, and 15.47% year over year unadjusted.
“As inflation for goods levels off, March’s data demonstrates steady spending by value-focused consumers who continue to benefit from a strong labor market and real wage gains,” NRF president and CEO Matthew Shay said in announcing the Retail Monitor results. “In this highly competitive market, retailers are having to keep prices as low as possible to meet the demand of consumers looking to stretch their family budgets.”
March was the sixth month for which Retail Monitor has provided data on monthly retail sales. Unlike 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 doesn’t need to be revised monthly or annually.
