Total retail sales, excluding automobiles and gasoline, were up by 0.47 per cent seasonally adjusted month over month (MoM) and up by 3.42 per cent unadjusted year on year (YoY) in June. That compared with increases of 1.35 per cent MoM and 3.03 per cent YoY in May.

June sales were up in five out of nine retail categories on a yearly basis, led by online sales, general merchandise stores and clothing and accessory stores. Sales were up in four categories on a monthly basis.

Sales in clothing and accessories stores were down by 0.11 per cent MoM seasonally adjusted, but up by 5.35 per cent YoY unadjusted in June.

Online and other non-store sales were up by 1.78 per cent MoM seasonally adjusted and up by 23.08 per cent YoY unadjusted.

Furniture and home furnishings store sales were down by 0.62 per cent MoM seasonally adjusted and 3.26 per cent YoY unadjusted.

“Consumers are being thoughtful about their spending, prioritising non-discretionary purchases as they continue to face high interest rates and lingering inflation,” NRF president and chief executive officer Matthew Shay said in a release.

“Inflation has dropped to nearly zero for goods, but remains persistent with services, and solid economic fundamentals are helping consumers make ends meet. Month-over-month sales growth was moderate in June, and year-over-year gains for total retail sales were the largest we’ve seen since last fall,” he added.

Total sales were up by 2.39 per cent YoY for the first six months of the year. The YoY gain for total sales was the largest since 4.24 per cent last November.

Fibre2Fashion News Desk (DS)