Despite concerns over tariffs and shifting economic conditions, retail sales continued to grow in May, according to the CNBC/NRF Retail Monitor powered by Affinity Solutions. Total retail sales, excluding autos and gas, rose 0.49 percent from April and 4.44 percent year over year. Core retail sales, which also exclude restaurants, saw a 0.23 percent monthly increase and a 4.2 percent annual gain.
Growth was reported in seven out of nine retail sectors compared to May 2024. Digital products led with a 28 percent year-over-year increase, followed by sporting goods at 8.2 percent and general merchandise at 4.6 percent. Modest gains were also seen in grocery, health and personal care, and clothing. Some categories, such as furniture and building materials, experienced slight declines.
National Retail Federation President Matthew Shay noted that while early demand related to potential tariffs appears to be tapering, consumer fundamentals remain stable. A gradually slowing job market continues to support household spending, even as economic uncertainty grows.
Unlike traditional government surveys, the Retail Monitor draws from real-time, anonymized credit and debit card data, offering timely insights into consumer behavior without monthly or annual revisions.
