Retail sales rose moderately in March following two months of declines, according to the latest CNBC/NRF Retail Monitor powered by Affinity Solutions. Excluding autos and gas, total retail sales increased 0.6% month over month and 4.75% year over year. Core retail sales, which exclude restaurants, autos, and gas, were up 0.4% month over month and 5.07% year over year.
Despite strong economic fundamentals, NRF President and CEO Matthew Shay attributed the cautious consumer behavior to rising tariff concerns and economic uncertainty. Many shoppers stocked up on goods in anticipation of price hikes following the president’s recent tariff announcements, including a proposed 10% minimum tariff on all trading partners and reciprocal tariffs on dozens of countries.
Category highlights included strong year-over-year gains for digital products (+27.62%), general merchandise (+7.62%), and sporting goods/hobby stores (+6.63%). However, sectors like health and personal care (-0.44% MoM) and building/garden supplies (-0.81% MoM) saw slight monthly declines.
As global trade tensions evolve, retailers are keeping a close eye on consumer confidence and spending trends. For the full report, visit nrf.com/nrf/cnbc-retail-monitor.
