Retail Sales Tick Up Slightly in April
Retail sales grew modestly from the month before in April, but a shift in the timing of Easter appeared to be behind a slight year-over-year decline, according to the CNBC/NRF Retail Monitor, powered by Affinity Solutions, released today by the National Retail Federation (NRF). Total retail sales, excluding automobiles and gasoline, were up 0.26 percent seasonally adjusted month-over-month but down 0.6 percent unadjusted year-over-year in April, according to the Retail Monitor. That compared with increases of 0.36 percent month-over-month and 2.72 percent year-over-year in March.
Furthermore, Adobe released online shopping data for the first four months of 2024. Based on Adobe Analytics data, the report provides a comprehensive view into U.S. e-commerce by analyzing commerce transactions online, covering over 1 trillion visits to U.S. retail sites, 100 million SKUs and 18 product categories. Consumers spent $331.6 billion online from Jan. 1 to Apr. 30, 2024, up 7 percent YoY. Adobe expects the first half of 2024 to drive over $500 billion in spend online, representing 6.8 percent YoY growth.
Total Retail's Take: For April's full retail sales data, NRF President and CEO Matthew Shay said the following in a press release from the trade association: “Consumer spending continues to drive economic growth and retail sales increases, though we see some moderation in spending as consumers continually search for value. The ability to spend is supported by a growing job market and real gains in wages. Overall inflation remains stubborn because of elevated prices for services, while inflation for goods has dropped to nearly zero. Consumers remain focused on value and price and are shifting their spending patterns where needed to make ends meet.”
Separately, Vivek Pandya, lead analyst, Adobe Digital Insights, offered his thoughts on the four-month e-commerce data released by his firm.
“In an unpredictable economic environment, the latest data from Adobe Analytics shows continued resilience in the digital economy, as consumers embrace new categories online,” Pandya said. “Groceries is a standout, and Adobe expects that in the next three years, the category will be a dominant force in e-commerce that is on par with electronics and apparel in revenue share.”
