Total retail sales, excluding automobiles and gasoline, were up 0.6 per cent seasonally adjusted month over month (MoM) and up 4.75 per cent unadjusted year over year (YoY) in March. That compared with a decrease of 0.22 per cent and an increase of 3.38 per cent YoY in February, as per the CNBC/NRF Retail Monitor powered by Affinity Solutions.
Clothing and accessories stores were up 0.76 per cent MoM seasonally adjusted and up 2.37 per cent YoY unadjusted. General merchandise stores were up 0.48 per cent MoM seasonally adjusted and up 7.62 per cent YoY unadjusted. Sporting goods, hobby, music and bookstores were unchanged MoM seasonally adjusted but up 6.63 per cent YoY unadjusted.
The Retail Monitor calculation of core retail sales (excluding restaurants in addition to automobile dealers and gasoline stations) was up 0.4 per cent MoM in March and up 5.07 per cent YoY. That compared with a decrease of 0.22 per cent MoM and an increase of 4.11 per cent YoY in February.
Total sales were up 4.52 per cent YoY for the first three months of the year and core sales were up 4.96 per cent.
The March results reflect consumer spending that came after President Trump announced tariffs on China, Canada and Mexico in February but before he announced a minimum 10 per cent tariff on all US trading partners on April 2 along with sweeping ‘reciprocal’ tariffs on dozens of countries. The reciprocal tariffs have been suspended for 90 days, but additional tariffs on China have resulted in back-and-forth escalation between China and the US.
“Retail sales increased in March but only moderately, and the spending came before the president’s Liberation Day tariff announcement. The pullback we have seen the past few months comes despite strong economic fundamentals. A major factor appears to be driven by the uncertainty caused by tariffs. March’s increase is partly the result of stocking up to get ahead of tariffs. With the economic outlook unclear and the situation fluid, consumer sentiment is weakening, and many consumers are shifting disposable income into savings,” said Matthew Shay, president and chief executive officer (CEO) at NRF.
Earlier, a survey conducted for NRF by Prosper Insights and Analytics found 46 per cent of consumers said they were stocking up on household appliances, clothing and other items in early March because they were worried, they would become more expensive because of tariffs, NRF said in a press release.
ALCHEMPro News Desk (SG)
Receive daily prices and market insights straight to your inbox. Subscribe to AlchemPro Weekly!
marketing@alchempro.com
