Retail sales slowed on a monthly basis in September after a busy summer, but year-over-year increases remain strong as retailers prepare for the holiday season. Those findings headline the latest CNBC/NRF Retail Monitor, powered by Affinity Solutions.
“Retail sales dipped in September as consumers hit the pause button after two solid months of back-to-school spending,” NRF President and CEO Matthew Shay said. “Amid continued economic uncertainty, consumers opted to preserve spending power in preparation for the important holiday season. While month-over-month spending data has fluctuated as consumers have reacted to changing circumstances, year-over-year gains show robust growth and signal momentum as we head into the holidays.”
The report showed September sales were up in all but one category on a yearly basis, led by digital products, sporting goods stores and clothing stores, but were down in five out of nine categories on a monthly basis.
Here’s a breakdown of each of those sectors:
- Building and garden supply stores were up 0.53% month over month seasonally adjusted but down 1.2% year over year unadjusted.
- Clothing and accessories stores were down 1.06% month over month seasonally adjusted but up 7.35% year over year unadjusted.
- Digital products (such as electronic books and games) were up 0.52% month over month seasonally adjusted and up 21.35% year over year unadjusted.
- Electronics and appliance stores were down 0.12% month over month seasonally adjusted but up 4.43% year over year unadjusted.
- Furniture and home furnishings stores were down 1.87% month over month seasonally adjusted but up 0.56% year over year unadjusted.
- General merchandise stores were down 0.62% month over month seasonally adjusted but up 5.52% year over year unadjusted.
- Grocery and beverage stores were down 0.76% month over month seasonally adjusted but up 4.79% year over year unadjusted.
- Health and personal care stores were up 0.38% month over month seasonally adjusted and up 4.65% year over year unadjusted.
- Sporting goods, hobby, music and bookstores were up 0.74% month over month seasonally adjusted and up 8.81% year over year unadjusted.
Click here for more from the new Retail Monitor, which uses anonymized credit and debit card purchase data compiled by Affinity Solutions and does not need to be revised monthly or annually.
