US retail sales surge in Oct as consumers shake off concerns: NRF

Online and non-store sales saw a strong 1.84 per cent month-over-month increase in, marking an impressive 19.38 per cent rise year-on-year. Meanwhile, brick-and-mortar categories like clothing and accessories witnessed a slight monthly dip of 0.57 per cent but posted a healthy year-on-year increase of 8.56 per cent.

Total retail sales, excluding automotive and gasoline, saw a month-on-month growth of 0.74 per cent, with a year-on-year rise of 4.13 per cent. This followed a challenging September, when sales declined by 0.32 per cent month-on-month and grew just 0.55 per cent year-on-year due to economic uncertainties, the NRF said in a press release.

The core retail sales measure, which excludes restaurants, automobile dealers, and gas stations, rose by 0.83 per cent month-over-month and 4.59 per cent year-on-year, marking the strongest annual growth since August 2023.

Overall, total retail sales from January to October 2024 increased by 2.13 per cent year-on-year, while core sales posted a 2.42 per cent rise, showcasing resilience in the retail sector amidst fluctuating external factors.

“Healthy spending resumed in October as consumers continued to benefit from this year’s job gains and higher wages,” NRF president and CEO Matthew Shay said. “Inflation is mostly limited to services at this point and prices for some retail goods are actually falling. October sales have set the stage for a good start to the holiday shopping season.”

Fibre2Fashion News Desk (KD)