Retail sales increased across the United States in April, as consumers stocked up on goods to avoid the impending higher prices set to come with tariffs, according to the CNBC/NRF Retail Monitor, published by the National Retail Federation.
“Spending rose again in April, driven largely by consumers continuing to pull purchases forward to stay ahead of tariffs that will inevitably lead to higher prices,” said Matthew Shay, CEO and NRF President, in a statement. “Despite declines in confidence caused by the economic uncertainty that has come with tariffs, consumer fundamentals remain intact, supported by low unemployment, slower-but-steady income growth, and solid household finances.”
Total retail sales (excluding automobiles and gasoline) grew 0.72 percent seasonally adjusted, month over month, and increased 6.76 percent unadjusted, year over year, in April, according to the Retail Monitor. This was in comparison to a rise of 0.6 percent month over month and a 4.75 percent growth year over year in March.
The Retail Monitor reported a 0.9 percent month-over-month rise in April in core retail sales, which exclude spending at restaurants, automobile dealerships, and gas stations, alongside a 7.11 percent year-over-year increase. These figures represent an acceleration in consumer spending from March, when core sales grew by 0.4 percent month over month and 5.07 percent year over year.
Looking at the broader picture, total retail sales for the first four months of the year rose by 5.08 percent compared to the same period last year, while core sales advanced by 5.5 percent. Aside from continued strength in tariff-influenced spending, the higher annual growth figures are also attributed in part to the timing of Easter, which occurred in April this year versus March in the previous year.
Year-over-year retail sales increased across eight of nine major categories in April, according to the Retail Monitor, with the strongest gains observed in digital products, electronics and appliance retailers, and grocery and beverage outlets. Meanwhile, clothing and accessories retailers reported a 1.14 percent month-over-month rise (seasonally adjusted) and a 5.14% year-over-year gain (unadjusted).
“Consumers maintain their ability to spend and have strong reasons to spend now before tariffs can drive up prices or cause shortages on store shelves,” concluded Matthew Shay.
