National Retail Federation (NRF), an industry trade group in the US has said that retail sales slowed in March, but spending was still higher than the same time last year.
As per NRF, clothing and clothing accessory stores were down 1.7 per cent month over month seasonally adjusted and down 2.2 per cent unadjusted year over year.
While furniture and home furnishings stores were down 1.2 per cent month over month seasonally adjusted and down 1.9 per cent unadjusted year over year.
Matthew Shay, President and CEO, NRF said, “Retail sales moderated in March after posting strong gains in the first two months of the year.”
He further added that continued easing of inflation and the overall strength of the job market and wages are keeping the fundamentals of the consumer economy strong and should support their ability to spend on household priorities through 2023. Retailers recognize the pressure on consumers from increased prices in services and experiences, and the impact of higher interest rates, and are prioritising product mix, competitive pricing and convenience to help consumers stretch their budgets.
The U.S. Census Bureau has also said that the overall retail sales in March were down 1 per cent from February but up 2.9 per cent year over year. In February, sales were down 0.2 per cent month over month but up 5.9 per cent year over year.
NRF’s calculation of retail sales – which excludes automobile dealers, gasoline stations and restaurants to focus on core retail – showed March was down 0.5 per cent from February but up 4.6 per cent unadjusted year over year.
In February, sales were up 0.5 per cent month over month and up 6.7 per cent year over year. NRF’s numbers were up 6 per cent unadjusted year over year on a three-month moving average as of March.
The results come as NRF is forecasting that 2023 retail sales will grow between 4 per cent and 6 per cent over 2022.
