NRF: Retail Sales Kept Growing In May.

While consumers' stocking up of goods ahead of tariffs slowed down in May, retail sales continued to grow, according to the latest data from CNBC/NRF's Retail Monitor.

May's total retail sales, excluding automobiles and gasoline, were up 0.49% from April, and 4.44% from May 2024, compared to April's 0.72% month-over-month and 6.76% year-over-year gains.

Core retail sales (excluding restaurants in addition to automobile dealers and gasoline stations) in May rose 0.23% month-over-month and 4.2% year over year, vs. 0.9% and 7.11% for both measures in April.Year to date, total sales are up 4.95%, and core sales were up 5.24%, vs. Jan.-May 2024.

“The data for May indicates that the pull-forward in consumer demand ahead of tariffs is likely dissipating,” National Retail Foundation President and CEO Matthew Shay says. “While momentum remains, the nature of consumer spending is shifting as economic uncertainty increases. Consumer fundamentals haven’t been damaged yet, and a slowing-but-still-growing job market is supporting household priorities ahead of any meaningful price increases in the coming months.”

Leading the year-over-year lifts for core retail, with growth in seven out of nine categories, are digital products (up 28.0%), followed by: sporting goods, hobby, music and book stores (+8.2%); general merchandise stores (+4.6%); grocery and beverage stores (+4.5%); health and personal care stores (+3.9%); clothing and accessories stores (+3.2%); and electronics and appliance stores (+2.6%).

Compared against April 2024, there's growth in six of those nine, with digital up 1.8%, clothing and accessories stores up 0.67%, grocery and beverage stores up 0.46%, sporting goods/hobby/music/book stores up 0.42%, general merchandise stores up 0.40%, and health and personal care stores up 0.06%. Electronics and appliance stores, meanwhile, were down 1.98% month-over-month.

In the minus column by both measures are building and garden supply stores (down 2.3% month-over-month and 7.31% year-over-year) and furniture and home furnishings stores (-0.24%, and -0.1%).

It should be noted that CNBC/NRF's Retail Monitor's figures differ from the survey-based numbers collected by the Census Bureau, as the Monitor's data is based on anonymized credit and debit card purchase data compiled by Affinity Solutions, and does not need to be revised monthly or annually.