Online and other non-store sales rose 2.1% month-on-month and 11.3% year-on-year unadjusted, according to the NRF report.
Consumers accustomed to inflation continued to spend in April as U.S. retail sales overcame rising prices to post monthly and year-on-year (YoY) increases, the Commission said. National Retail Federation. Sales at clothing and clothing accessories stores increased 0.8% month-over-month (month-over-month) seasonally adjusted and 11.2% year-over-year unadjusted in April .
The US Census Bureau said overall retail sales in April rose 0.9% seasonally adjusted from March and 8.2% year-on-year. That compares to increases of 1.4% month on month and 7.3% year on year in March.
NRF’s retail sales calculation – which excludes car dealerships, gas stations and restaurants to focus on core retail – showed April was up 0.9% seasonally adjusted from March and up 6.4% unadjusted year-on-year. In March, sales increased 1% month-on-month and 3.9% year-on-year. The NRF figures rose 7.1% unadjusted year-on-year on a three-month moving average in April.
“April retail sales demonstrate consumers’ strength and willingness to spend despite persistent inflation, supply chain constraints, market volatility and global unrest,” Matthew Shay, NRF President and CEO mentioned. “As consumers face higher prices, they are preserving their budget by buying smart. Retail businesses also face increased costs, such as higher energy bills and rent, as well as the cost of goods, transportation and wages. Despite already tight margins, retailers remain committed to their customers and are doing all they can to absorb these costs to keep products affordable. With the Federal Reserve already raising interest rates, the Biden administration and Congress have an opportunity to provide targeted relief to American households by lifting Chinese tariffs, passing legislation to fix the supply chain and addressing immigration reform to ease the tight labor market.
“The April retail sales data is encouraging as it shows consumers accepting higher prices and remaining resilient,” he added. Jack Kleinhenz, NRF Chief Economist mentioned. “Sales benefited from Easter/Passover spending and also tax refunds, which were delayed by pandemic-related issues at the IRS, but are also larger than usual. High gasoline prices, rising interest rates and price pressures across the board continue to be headwinds to spending, but wage and job gains are offsetting that with a tailwind which should bode well for moderate but steady spending growth in the future.
Fibre2Fashion (KD) News Desk