NRF: Retail Sales sprang up in March
April 14, 2014,
Washington – Consumer spending rose along with the arrival of spring temperatures, spurring a rise in retail sales in March – a trend that also benefitted home furnishings retailers.
According to the National Retail Federation, last month’s retail sales – excluding automobiles, gas stations and restaurants – increased 0.8% adjusted month-to-month and 1.6% unadjusted year-over-year.
“Consumers shed their winter coats last month for fresh, spring merchandise,” noted Matthew Shay, NRF president and ceo. “Retail sales increased in most categories and sectors as consumers took to stores to purchase new spring attire and home furnishings in hopeful expectation of warmer weather. Sales should continue to remain positive this spring with the approach of Easter and expected tax refunds.”
Earlier this month, NRF’s Easter Spending Survey reported that the average American consumer will spend $137.46 this Easter holiday on clothing, candy, gifts and more, with total spending reaching $15.9 billion.
March retail sales, released today by the U.S. Census Bureau and which include automobiles, gasoline stations, and restaurants, increased 1.1% seasonally adjusted month-to-month ($433.9 billion). The Census also reported that retail sales increased 3.8% adjusted year-over-year.
“Improving economic conditions and consumer confidence should push consumers to return to spending habits this spring,” said Jack Kleinhenz, NRF chief economist. “Consumers released some pent-up demand in March after two consecutive months of harsh winter weather that not only hampered employment opportunities but also retail sales. We remain optimistic that retail sales will continue their positive march this spring.”
Additional findings from NRF’s retail sales report include:
• Building material and garden equipment and supplies dealers stores’ sales increased 1.8% seasonally-adjusted month-to-month and 6.2% unadjusted year-over-year.
• Clothing and clothing accessories stores' sales increased 1.0% seasonally-adjusted month-to-month yet decreased 2.3% unadjusted year-over-year.
• Electronics and appliance stores’ sales decreased 1.6% seasonally-adjusted month-to-month and 2.0% unadjusted year-over-year.
• General merchandise stores’ sales increased 1.9% seasonally-adjusted month-to-month yet decreased 0.2% unadjusted year-over-year.
• Health and personal care stores’ sales increased 0.3% seasonally-adjusted month-to-month and 4.0% unadjusted year-over-year.
• Non-store retailers’ sales increased 1.7% seasonally-adjusted month-to-month and 8.0% unadjusted year-over-year.
• Sporting goods, hobby, book and music stores’ sales increased 0.3% seasonally-adjusted month-to-month yet decreased 5.5% unadjusted year-over-year.