WASHINGTON, D.C. — May 8, 2025 — Retail sales grew in April as many consumers moved up buying to avoid higher prices expected to come with tariffs, according to the CNBC/NRF Retail Monitor, powered by Affinity Solutions, released today by the National Retail Federation.
“Spending rose again in April, driven largely by consumers continuing to pull purchases forward to stay ahead of tariffs that will inevitably lead to higher prices,” NRF President and CEO Matthew Shay said. “Despite declines in confidence caused by the economic uncertainty that has come with tariffs, consumer fundamentals remain intact, supported by low unemployment, slower-but-steady income growth and solid household finances. Consumers maintain their ability to spend and have strong reasons to spend now before tariffs can drive up prices or cause shortages on store shelves.”
Total retail sales, excluding automobiles and gasoline, were up 0.72 percent seasonally adjusted month over month and up 6.76 percent unadjusted year over year in April, according to the Retail Monitor. That compared with increases of 0.6 percent month-over-month and 4.75 percent year over year in March.
The Retail Monitor calculation of core retail sales (excluding restaurants in addition to automobile dealers and gasoline stations) was up 0.9 percent month-over-month in April and up 7.11 percent year-over-year. That compared with increases of 0.4 percent month-over-month and an increase of 5.07 percent year-over-year in March.
Total sales were up 5.08 percent year-over-year for the first four months of the year and core sales were up 5.5 percent.
In addition to strong tariff-driven spending, year-over-year comparisons were likely boosted because Easter fell in April this year after falling in March last year.
Unlike survey-based numbers collected by the Census Bureau, the Retail Monitor uses actual, anonymized credit and debit card purchase data compiled by Affinity Solutions and does not need to be revised monthly or annually.
April sales were up in eight out of nine categories on a yearly basis, led by digital products, electronics and appliance stores, and grocery and beverage stores. Sales were also up in eight out nine categories on a monthly basis. Specifics from key sectors include:
- Digital products were up 0.62 percent month-over-month seasonally adjusted and up 27.67 percent year-over-year unadjusted.
- Electronics and appliance stores were up 2.8 percent month-over-month seasonally adjusted and up 10.5 percent year-over-year unadjusted.
- Grocery and beverage stores were up 0.59 percent month-over-month seasonally adjusted and up 9.51 percent year-over-year unadjusted.
- Sporting goods, hobby, music and book stores were up 0.81 percent month-over-month seasonally adjusted and up 9.19 percent year-over-year unadjusted.
- Health and personal care stores were up 1.43 percent month-over-monthh seasonally adjusted and up 8.51 percent year-over-year unadjusted.
- General merchandise stores were down 0.02 percent month-over-month seasonally adjusted but up 6.67 percent year-over-year unadjusted.
- Clothing and accessories stores were up 1.14 percent month-over-month seasonally adjusted and up 5.14 percent year-over-year unadjusted.
- Furniture and home furnishings stores were up 0.86 percent month-over-month seasonally adjusted and up 0.09 percent year-over-year unadjusted.
- Building and garden supply stores were up 2.77 percent month-over-month seasonally adjusted but down 2.1 percent year-over-year unadjusted.
To learn more, visit nrf.com/nrf/cnbc-retail-monitor.
Posted: May , 2025
Source: The National Retail Federation (NRF)
