Retail sales during the month of April 2018 marked a slight increase of 0.4 per cent on the seasonally adjusted basis over March and 2.8 per cent year-over-year, revealed National Retail Federation (NRF), the world’s biggest retail trade body. (The NRF report is based on U.S. Census Bureau report.)
Retail sales during March were up 0.3 per cent on monthly and 5.2 per cent on year over year basis.
Continuous spending by consumers was majorly responsible for this growth, stated the association.
The three-month average was also up by 4.1 per cent over the same period a year ago.
Segment-wise, furniture and home furnishings sales during April 2018 increased by 5.8 per cent year-over-year and up 0.8 per cent from March (seasonally adjusted). Whereas, clothing and clothing accessory store sales declined by 0.4 per cent Y-o-Y and up1.4 percent from March on the seasonally adjusted basis.
During the review period, 12.2 per cent increase was reported in online and other non-store sales year-over-year and increased 0.6 per cent over March on seasonally adjusted basis. However, general merchandise stores noted 0.8 per cent decline year-over-year but up 0.3 per cent from March seasonally adjusted.
Sporting goods stores also reported 3.8 per cent year-over-year decline and down 0.1 per cent from March on seasonally adjusted basis.
“Despite unseasonable weather and bumpy financial markets retail sales growth remained solid and on tracks,” NRF Chief Economist Jack Kleinhenz said.
The NRF has predicted that 2018 retail sales will grow between 3.8 per cent and 4.4 per cent over 2017.
