Retail news that keeps industry pros in the know
Retail Brew delivers the latest retail industry news and insights surrounding marketing, DTC, and e-commerce to keep leaders and decision-makers up to date.
Retail sales in September rose 0.4% to $714.4 billion from August and 1.7% year over year, the Commerce Department reported on Thursday. The sales jump beat analyst expectations, and comes after a 0.1% monthly increase in August.
“While there have been some signs of tightening in consumer spending, September’s numbers show consumers are willing to spend where they see value,” National Retail Federation Chief Economist Jack Kleinhenz said in a statement, noting that “conditions for the retail sector remain favorable as we move into the holiday season.”
Consumer prices, meanwhile, were up 0.2% monthly and 2.4% annually in September, per the Consumer Price Index released last week, a slight cooling from the 2.4% annual rise in August but still higher than analysts expected.
Zoom in: Miscellaneous store retailers received the largest sales boost, up 4% from August and 7.9% from September 2023. General merchandise store sales saw a turnaround from the prior month, up 0.5% monthly and 2.6% YoY, with department stores notching a similar monthly gain but seeing a 1.2% drop from last year. Clothing and clothing accessories stores also rebounded, with a 1.5% month over month boost and 3.5% annual jump.
Sales at food and beverage stores increased 1% from August and 2.5% from a year ago. Health and personal care stores were up 1.1% monthly and 4.6% annually.
Electronics and appliances stores saw the biggest month-over-month drop, with sales down 3.3%. Sporting goods, hobby, musical instrument, and book stores secured a 0.3% monthly gain, though saw a 3.5% annual sales drop.
Online retail sales cooled just a bit from their banner month in August, but still increased 0.4% for the month and 7.1% for the year.