October Retail Sales Rebound
Retail sales in October regained the momentum lost in September as monthly and annual sales were up.
According to the National Retail Federation’s CNBC/NRF Retail Monitor, powered by Affinity Solution, total retail sales, excluding automobiles and gasoline, in October were up 0.74% seasonally adjusted month-over-month and up 4.13% unadjusted year-over-year in October, according to the Retail Monitor. That compared with a decrease of 0.32% month-over-month and an increase of 0.55% year-over-year in September.
The Retail Monitor calculation of core retail sales (excluding restaurants in addition to automobile dealers and gasoline stations) was up 0.83% month-over-month in October and up 4.59% year-over-year. That compared with a decrease of 0.28% month-over-month and an increase of 0.94% year-over-year in September.
“Healthy spending resumed in October as consumers continued to benefit from this year’s job gains and higher wages,” said Matthew Shay, president and CEO of the NRF. “Inflation is mostly limited to services at this point, and prices for some retail goods are actually falling. October sales have set the stage for a good start to the holiday shopping season.”
The year-over-year increase for total sales was the largest since 4.24% in November 2023, while the year-over-year increase for core sales was the largest since 4.76% in August 2023. Total sales were up 2.13% year-over-year for the first 10 months of 2024, and core sales were up 2.42%.
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.
October sales were up in seven out of nine retail categories on a yearly basis, led by online sales, clothing and accessories stores, and health and personal care stores. Sales were also up in seven categories on a monthly basis. Specifics from key sectors include:
- Online and other non-store sales were up 1.84% month-over-month seasonally adjusted and up 19.38% year-over-year unadjusted.
- Clothing and accessories stores were down 0.57% month-over-month seasonally adjusted but up 8.56% year-over-year unadjusted.
- Health and personal care stores were up 1.45% month-over-month seasonally adjusted and up 8.35% year-over-year unadjusted.
- General merchandise stores were up 0.05% month-over-month seasonally adjusted and up 5.51% year-over-year unadjusted.
- Grocery and beverage stores were up 0.87% month-over-month seasonally adjusted and up 3.76% year-over-year unadjusted.
- Building and garden supply stores were up 1.69% month-over-month seasonally adjusted and up 3.12% year-over-year unadjusted.
- Furniture and home furnishings stores were up 0.58% month-over-month seasonally adjusted and up 1.87% year-over-year unadjusted.
- Electronics and appliance stores were down 0.81% month-over-month seasonally adjusted and down 0.64% year-over-year unadjusted.
- Sporting goods, hobby, music, and bookstores were up 2.7% month-over-month seasonally adjusted but down 1.23% year-over-year unadjusted.
