Small Business
Retail Sales Grew in July
Retail sales continued to grow in July as consumers shopped for school and college supplies and took advantage of special promotion days offered by some retailers.
Aug. 09, 2024
Retail sales continued to grow in July as consumers shopped for school and college supplies and took advantage of special promotion days offered by some retailers, according to the CNBC/NRF Retail Monitor, powered by Affinity Solutions, from the National Retail Federation.
“July’s data reflects what we are seeing across the economy, that while consumers remain cautious, they are still spending on essentials when they find value,” NRF President and CEO Matthew Shay said. “Labor market trends have softened recently and interest rates remain high, but economic fundamentals are intact and inflation has fallen to nearly zero for goods even though prices for services are elevated. July sales were likely bolstered by back-to-school and back-to-college spending, which was reflected in gains for retailers selling everything from clothing and crayons to computers and dorm room furnishings.”
Total retail sales, excluding automobiles and gasoline, were up 0.74% seasonally adjusted month over month and up 0.92% unadjusted year over year in July, according to the Retail Monitor. That compared with increases of 0.47% month over month and 3.42% year over year in June.
The Retail Monitor calculation of core retail sales (excluding restaurants in addition to automobiles and gasoline) was up 0.95% month over month in July and up 1.69% year over year. That compared with increases of 0.3% month over month and 3.07% year over year in June.
July’s increases came as some retailers held special promotion day events both in-store and online that have helped boost summer sales in recent years. Total sales were up 2.1% year over year for the first seven months of the year and core sales were up 2.4%.
Unlike survey-based numbers collected by the Census Bureau, the Retail Monitor uses actual, anonymized credit and debit card purchase data compiled by Affinity Solutions and does not need to be revised monthly or annually.
July sales were up in six out of nine retail categories on a yearly basis, led by online sales, general merchandise stores and electronics and appliance stores. Sales were up in seven categories on a monthly basis. Specifics from key sectors include:
- Online and other non-store sales were up 0.82% month over month seasonally adjusted and up 18.45% year over year unadjusted.
- General merchandise stores were up 1.75% month over month seasonally adjusted and up 9.68% year over year unadjusted.
- Electronics and appliance stores were up 0.57% month over month seasonally adjusted and up 5.27% year over year unadjusted.
- Furniture and home furnishings stores were up 1.41% month over month seasonally adjusted and up 2.29% year over year unadjusted.
- Sporting goods, hobby, music and book stores were up 1.27% month over month seasonally adjusted and up 1.13% year over year unadjusted.
- Grocery and beverage stores were up 0.6% month over month seasonally adjusted and up 0.47% year over year unadjusted.
- Building and garden supply stores were down 0.53% month over month seasonally adjusted and down 1.97% year over year unadjusted.
- Health and personal care stores were down 0.15% month over month seasonally adjusted and down 2.29% year over year unadjusted.
- Clothing and accessories stores were up 0.32% month over month seasonally adjusted but down 4.79% year over year unadjusted.