US clothing retail sales up 11.2% YoY in April 2022: NRF

Online and other non-store sales were up 2.1 per cent MoM seasonally adjusted and up 11.3 per cent unadjusted YoY, according to the NRF report.

The US Census Bureau said overall retail sales in April were up 0.9 per cent seasonally adjusted from March and up 8.2 per cent YoY. That compared with increases of 1.4 per cent MoM and 7.3 per cent YoY in March.

NRF’s calculation of retail sales – which excludes automobile dealers, gasoline stations and restaurants to focus on core retail – showed April was up 0.9 per cent seasonally adjusted from March and up 6.4 per cent unadjusted YoY. In March, sales were up 1 per cent MoM and up 3.9 per cent YoY. NRF’s numbers were up 7.1 per cent unadjusted YoY on a three-month moving average as of April.

“April retail sales demonstrate consumer strength and willingness to spend despite persistent inflation, supply chain constraints, market volatility and global unrest,” NRF president and CEO Matthew Shay said. “While consumers are facing higher prices, they are preserving their budgets by shopping smart. Retail businesses are also facing increased costs like higher energy bills and rents as well as the cost for goods, transportation and wages. Despite already tight margins, retailers remain committed to their customers and are doing everything they can to absorb these costs to keep products affordable. With the Federal Reserve already raising interest rates, the Biden administration and Congress have an opportunity to provide targeted relief to American households by lifting the China tariffs, passing legislation to fix the supply chain and addressing immigration reform to ease the tight labour market.”

“April’s retail sales data is encouraging because it shows consumers are taking higher prices in stride and remain resilient,” NRF chief economist Jack Kleinhenz said. “Sales benefitted from Easter/Passover spending and also from tax refunds, which have been delayed by pandemic-related issues at the IRS but are also larger than usual. High gasoline prices, rising interest rates and price pressures across the board continue to be headwinds to spending, but wage and job gains are offsetting that with a tailwind that should bode well for moderate-but-steady spending growth going forward.”

Fibre2Fashion News Desk (KD)