Back-to-School, Lower Fuel Costs Boost August Retail Sales
Consumer retail spending was up in August as shoppers stocked up on back-to-school products and tried to get ahead of possible tariff-related price hikes, according to the CNBC/NRF Retail Monitor from the National Retail Federation and Affinity Solutions.
Total retail sales, excluding automobiles and gasoline, were up 0.5% month-over-month (seasonally adjusted) and up 6.81% year-over-year (unadjusted) in August, according to the Retail Monitor. That compares with increases of 1.45% month-over-month and 5.89% year-over-year in July.
The Retail Monitor’s calculation of core retail sales (excluding restaurants, automobile dealers, and gasoline stations) was up 0.26% month-over-month in August and up 6.67% year-over-year. That compares with increases of 1.55% month-over-month and 5.93% year-over-year in July.
“Consumer spending rose again in August, fueled by a still-stable consumer and a robust back-to-school shopping season,” said Matthew Shay, president and CEO of the NRF. “Spending was supported by lower fuel costs, tax-free holidays, and consumers buying products before tariff increases take effect.”
August sales were up in all but one of nine categories on a yearly basis, led by digital products, sporting goods stores, and clothing stores. Sales were up in five of nine categories on a monthly basis. Specifics from key sectors include:
- Digital products (such as electronic books and games) were up 1.58% month-over-month (seasonally adjusted) and up 25.98% year-over-year (unadjusted).
- Sporting goods, hobby, music, and book stores were down 0.82% month-over-month (seasonally adjusted) but up 8.96% year-over-year (unadjusted).
- Clothing and accessories stores were up 0.2% month-over-month (seasonally adjusted) and up 8.26% year-over-year (unadjusted).
- General merchandise stores were up 0.39% month-over-month (seasonally adjusted) and up 7.63% year-over-year (unadjusted).
- Grocery and beverage stores were up 0.98% month-over-month (seasonally adjusted) and up 7.17% year-over-year (unadjusted).
- Electronics and appliance stores were down 0.28% month-over-month (seasonally adjusted) but up 3.57% year-over-year (unadjusted).
- Health and personal care stores were down 0.07% month-over-month (seasonally adjusted) but up 3.25% year-over-year (unadjusted).
- Furniture and home furnishings stores were up 0.23% month-over-month (seasonally adjusted) and up 3.07% year-over-year (unadjusted).
- Building and garden supply stores were down 2.13% month-over-month (seasonally adjusted) and down 7.77% year-over-year (unadjusted).
