US’ retail sales in March 2023 slowed from February 2023, but the spending remained higher compared to the same period last year, according to the National Retail Federation. In March 2023, the country’s retail sales, excluding automobile dealers, gasoline stations, and restaurants, were down 0.5 per cent from February but up 4.6 per cent year-over-year (YoY). The unadjusted figures were up 6 per cent YoY on a three-month moving average as of March.

In comparison, the US Census Bureau reported that overall retail sales in March were down 1 per cent from February but up 2.9 per cent YoY.

The retail sales were up in five out of nine retail categories on a yearly basis, led by online sales, but fell in all but three categories on a monthly basis, as per NRF.

Online and non-store seasonally adjusted sales saw an increase of 1.9 per cent month-over-month (MoM) and an unadjusted 12.4 per cent YoY. Clothing and accessory stores, on the other hand, were down 1.7 per cent MoM seasonally adjusted and down 2.2 per cent unadjusted YoY. Sporting goods stores were up 0.2 per cent MoM seasonally adjusted and up 3.3 per cent unadjusted YoY. Seasonally adjusted general merchandise store sales were down 3 per cent MoM but up 2.9 per cent unadjusted YoY, while furniture and home furnishings stores were down 1.2 per cent MoM seasonally adjusted and down 1.9 per cent unadjusted YoY.

The NRF has forecast that retail sales for 2023 will grow between 4 per cent and 6 per cent over 2022.

“Retail sales moderated in March after posting strong gains in the first two months of the year,” said NRF president and CEO Matthew Shay. “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 recognise 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.”

Fibre2Fashion News Desk (DP)

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