Core retail sales up 7% year over year in April as consumers stocked up pre-tariffs

In April, retail sales experienced a notable increase as consumers actively pulled forward purchases to avoid anticipated price hikes resulting from tariffs. Core retail sales, which exclude restaurants, auto dealers, and gas stations, rose by 0.9% month-over-month and 7.11% year-over-year, according to the CNBC/Retail Monitor based on anonymized credit and debit card data. Overall, total retail sales—including restaurants but excluding automobiles and gasoline—grew by 0.72% month-over-month and 6.76% year-over-year. These gains contributed to a year-to-date increase of over 5% in total sales for the first four months of the year, with core sales going up 5.5%. Despite economic uncertainties linked to tariffs, consumer fundamentals remain strong, supported by low unemployment, steady income growth, and solid household finances. 

The growth was broad-based, with eight out of nine retail categories experiencing year-over-year sales increases, led by digital products, electronics, appliances, and grocery stores. Specific sectors like digital products saw a 27.67% rise compared to last year, and electronics and appliances grew by 10.5%. Other categories, including sporting goods, health and personal care, clothing, furniture, and building supplies, also showed growth. Notably, some sales figures were influenced by seasonal factors, such as Easter, which fell in April this year. Overall, the data indicates that consumers are actively engaging in spending despite economic uncertainties, largely driven by efforts to avoid higher prices caused by tariffs. 

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Core retail sales up 7% year over year in April as consumers stocked up pre-tariffs | Chain Store Age Core retail sales up 7% year over year in April as consumers stocked up pre-tariffs | Chain Store Age