Retail sales in the US maintained a steady pace in March, according to the latest data from the CNBC-NRF Retail Monitor. Although overall growth was robust, the clothing and accessories stores experienced a slight dip, decreasing by 0.01 per cent month-over-month (MoM), but still managed a 2.13 per cent increase year-over-year (YoY) on an unadjusted basis.

Total retail sales, excluding automobiles and gasoline, increased by 0.36 per cent MoM when seasonally adjusted, and saw a rise of 2.72 per cent on an unadjusted YoY basis. This continues the trend observed in February, which showed a 0.4 per cent MoM and a 2.7 per cent YoY increase.

Core retail sales, which exclude restaurants as well as automobiles and gasoline, grew by 0.23 per cent MoM and by 2.92 per cent YoY in March. These figures slightly trailed February’s increases of 0.27 per cent MoM and 2.99 per cent YoY, as per the retail sales monitor.

For the first quarter as a whole, total retail sales showed a YoY increase of 2.65 per cent, while core sales rose by 3.12 per cent.

The standout performers for the month included online and other non-store sales, which led the gains with a robust 2.48 per cent increase MoM, seasonally adjusted, and an impressive 15.47 per cent jump YoY, unadjusted. Additionally, the sporting goods, hobby, music, and bookstore sector performed strongly, posting a 0.86 per cent MoM increase and an 8.33 per cent rise on a YoY basis.

Overall, March sales were up in six out of nine retail categories on a yearly basis, led by online sales and sporting goods stores. On a monthly basis, five categories reported increases.

“As inflation for goods levels off, March’s data demonstrates steady spending by value-focused consumers who continue to benefit from a strong labour market and real wage gains,” said NRF President and CEO Matthew Shay. “In this highly competitive market, retailers are having to keep prices as low as possible to meet the demand of consumers looking to stretch their family budgets.”

Fibre2Fashion News Desk (DP)

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