Key specifics from certain sectors reveal that online and other non-store sales saw an MoM seasonally adjusted increase of 1.9 per cent, and an unadjusted YoY increase of 9.9 per cent. Similarly, clothing and clothing accessory stores experienced a 0.6 per cent MoM increase on a seasonally adjusted basis, and a 1.3 per cent YoY unadjusted increase.

NRF’s calculation of retail sales showed June was up 0.4 per cent from May and up 3.3 per cent unadjusted YoY. In May, sales were also up 0.4 per cent MoM and were up 4.4 per cent YoY. NRF’s numbers were up 3.1 per cent unadjusted YoY on a three-month moving average as of May and up 4 per cent for the first six months of the year.

June sales were up in six out of nine retail categories on a yearly basis, led by online sales and other groups, and up in four categories on a monthly basis.

“June retail sales confirm that while the economy may be cooling, consumers remain on solid footing and are spending on household priorities. Back-to-class spending is one of the most important shopping occasions of the year, and NRF’s consumer research shows that back-to-school and college spending is expected to set new records. Consumers are looking for the best value and deals, and retailers are well stocked with essential items for families and students,” said NRF president and CEO Matthew Shay.

“The pace of spending is slower, but consumers are still in control of the direction of the economy thanks to the still-growing labour market and a comfortable cushion of savings. Jobs aren’t growing as fast as they were, but employment is by no means in a slump, and if consumers have jobs, they have the willingness to spend. On average, consumer balance sheets remain sturdy, and they have the wherewithal to support spending for most of the rest of the year. That’s thanks, in part, to excess savings built up during the pandemic along with easing inflation,” said NRF chief economist Jack Kleinhenz.

Fibre2Fashion News Desk (NB)