NRF: Consumers keep shopping despite inflation
Consumers kept shopping in July. Retail sales in July edged up 0.8% from June 2022 and were up 7.1% unadjusted year-over-year, according to the National Retail Federation, whose calculation excludes automobile dealers, gasoline stations and restaurants. In June, sales were up 0.6% month-over-month and up 6% year-over-year.
The U.S. Census Bureau said that overall retail sales in July were unchanged from June, but up 10.3% year over year. That compared with increases of 0.8% month over month and 8.5% year over year in June. On a three-month moving average, sales were up 9.2% year over year.
Some details:
- Online and other non-store sales were up 2.7% month-over-month seasonally adjusted and up 18.1% unadjusted year-over-year.
- Building materials and garden supph ly stores were up 1.5% month-over-month seasonally adjusted and up 6.2% unadjusted year-over-year.
- Grocery and beverage stores were up 0.2% month-over-month seasonally adjusted and up 7.7% unadjusted year-over-year.
- Sporting goods stores were up 0.1% month-over-month seasonally adjusted and up 3% unadjusted year-over-year.
- Health and personal care stores were up 0.4% month-over-month seasonally adjusted and up 1.5% unadjusted year-over-year.
- Clothing and clothing accessory stores were down 0.6% month-over-month seasonally adjusted but up 0.2% unadjusted year-over-year.
- General merchandise stores were down 0.7% month-over-month seasonally adjusted and down 0.1% unadjusted year-over-year.
- Furniture and home furnishings stores were up 0.2% month-over-month seasonally adjusted but down 0.3% unadjusted year-over-year.
- Electronics and appliance stores were up 0.4% month-over-month seasonally adjusted but down 11.3% unadjusted year-over-year.
“Retail sales were up considerably compared with a year ago even though consumers are more discerning in this economic environment,”
stated NRF chief economist Jack Kleinhenz.
Related news
The unexpectedly low inflation in June surprised analysts
The Hungarian inflation data published this week caused a pleasant…
Read more >Food prices rose at an accelerating rate in Germany
Inflation in Germany slowed down in June, according to the…
Read more >In the United States, producer prices rose more than expected in June
The US producer price index rose more than analysts had…
Read more >Related news
A Hungarian specialist became Danone’s Eastern and Central European sales manager
From this July, Enikő Bolyós organizes and manages the company’s…
Read more >Recent research: almost half of Hungarians do not use sun protection cream, and moreover, they do not avoid the sun in the midday hours either
According to a recent, representative research, only 8 percent of…
Read more >The GVH fined Booking almost HUF 400 million with a record fine
Booking did not fully fulfill its obligations requiring the termination…
Read more >