August Retail Growth Continues Amid Tariff-Driven Inflation.

Retail spending saw continued growth in August as consumers shopped for back-to-school items and made purchases ahead of potential price hikes from tariffs, according to the latest CNBC/NRF Retail Monitor, powered by Affinity Solutions, and released by the National Retail Federation.

“Consumer spending rose again in August, fueled by a still-stable consumer and a robust back-to-school shopping season,” NRF President and CEO Matthew Shay said in a news release. “Spending was supported by lower fuel costs, tax-free holidays and consumers buying products before tariff increases take effect. We may be seeing inflationary impacts from tariffs since recent data shows price increases in commodity goods. Even with weaker job growth than many expected, employment remains stable and at a high level, giving consumers the ability to spend thoughtfully on household priorities. Nonetheless, consumers are preserving spending power by cutting back on less-essential services.”

Data from the Retail Monitor showed that total retail sales, excluding automobiles and gasoline, rose 0.5% month over month on a seasonally adjusted basis, and 6.81% year over year without adjustment. This follows increases of 1.45% month over month and 5.89% year over year in July.

Core retail sales — which leave out restaurants, auto dealers, and gas stations — were up 0.26% from July and increased 6.67% compared to August of last year. In contrast, July saw core sales rise 1.55% month over month and 5.93% year over year.

For the first eight months of the year, overall retail sales were up 5.08% compared to the same period in 2024, while core sales rose 5.27%.

Unlike the Census Bureau’s survey-based retail figures, the Retail Monitor pulls from real-time, anonymized credit and debit card transactions collected by Affinity Solutions. As a result, the data does not require monthly or annual revisions.

On a yearly basis, eight out of nine retail categories posted gains in August, with digital goods, sporting goods stores, and clothing stores leading the way. On a monthly basis, sales increased in five of the nine tracked categories.

A breakdown by category:

• Digital products (electronic books, games): +1.58% month over month seasonally adjusted; +25.98% year over year unadjusted.

• Sporting goods, hobby, music and bookstores: -0.82% MoM seasonally adjusted; +8.96% YoY unadjusted.

• Clothing and accessories stores: +0.2% MoM seasonally adjusted; +8.26% YoY unadjusted.

• General merchandise stores: +0.39% MoM seasonally adjusted; +7.63% YoY unadjusted.

• Grocery and beverage stores: +0.98% MoM seasonally adjusted; +7.17% YoY unadjusted.

• Electronics and appliance stores: -0.28% MoM seasonally adjusted; +3.57% YoY unadjusted.

• Health and personal care stores: -0.07% MoM seasonally adjusted; +3.25% YoY unadjusted.

• Furniture and home furnishings stores: +0.23% MoM seasonally adjusted; +3.07% YoY unadjusted.

• Building and garden supply stores: -2.13% MoM seasonally adjusted; -7.77% YoY unadjusted.