CNBC-NRF Retail Monitor

Research Consumption

Source: NRF
Source Link: https://nrf.com/
Frequency: Monthly

Latest Updates

U.S. retail sales rose +0.5% MoM and +6.81% YoY in August 2025, supported by back-to-school spending and tariff-related buying, though growth slowed from July’s stronger monthly pace.
- Core retail sales (ex autos, gas, restaurants) increased +0.26% MoM and +6.67% YoY, compared with +1.55% MoM and +5.93% YoY in July.
- Year-to-date (Jan–Aug), total sales are up +5.08% YoY and core sales are up +5.27% YoY.
- Digital products led gains, rising +1.58% MoM and +25.98% YoY, the fastest-growing category.
- Sporting goods, hobby, music & bookstores fell -0.82% MoM but were up +8.96% YoY.
- Clothing & accessories rose +0.2% MoM and +8.26% YoY, while general merchandise gained +0.39% MoM and +7.63% YoY.
- Grocery & beverage sales increased +0.98% MoM and +7.17% YoY, continuing steady strength in essentials.
- Electronics & appliances edged down -0.28% MoM but rose +3.57% YoY, while health & personal care slipped -0.07% MoM but gained +3.25% YoY.
- Furniture & home furnishings rose +0.23% MoM and +3.07% YoY, while building & garden supplies declined -2.13% MoM and -7.77% YoY, the weakest category.
Source
The CNBC/NRF Retail Monitor measure of retail sales rose 1.45% MoM and 5.89% YoY in July 2025, while core retail sales (excluding gas, autos, and restaurants) increased 1.46% MoM and 5.93% YoY.
- Sporting goods, hobby, music & bookstores led gains at +2.36% MoM, followed by general merchandise (+2.04% MoM) and clothing & accessories (+1.75% MoM).
- Electronics & appliances was the only category to decline, down -0.51% MoM.
- Building & garden supplies (+1.32% MoM), grocery & beverage (+1.43% MoM), and health & personal care (+1.69% MoM) also posted notable gains.
- On a YoY basis, July’s growth rebounded from June’s softer 3.19% YoY pace to 5.89% YoY, marking the second-fastest growth of 2025 after April’s 6.76% YoY increase.
Source
Retail sales (excluding gas and autos) fell -0.33% MoM and rose 3.36% YoY in June 2025, according to the CNBC/NRF Retail Monitor. Core retail sales (excluding gas, autos, and restaurants) declined -0.32% MoM and were up 3.19% YoY.
- Electronics & appliances (-1.03% MoM) and furniture & home furnishings (-1.04% MoM) led the June declines after both categories saw strength earlier in the year.
- Building & garden supplies fell -0.76% MoM, continuing their reversal from April's +2.77% surge.
- Digital products rose 0.26% MoM, extending their gains after a 1.81% MoM increase in May.
- Food services & drinking places declined -0.36% MoM after rising 1.66% MoM in May.
- All major retail categories except digital products posted MoM declines, suggesting a broad-based pullback in consumer demand.
Source
Retail sales (excluding gas and autos) rose 0.49% MoM and 4.44% YoY in May 2025, according to the CNBC/NRF Retail Monitor, while core retail sales (excluding gas, autos, and restaurants) rose 0.23% MoM and 4.20% YoY.
- Food services & drinking places led gains, up 1.66% MoM and 5.47% YoY.
- Digital product sales were up 1.81% MoM and are up a sharp 28.04% YoY.
- Electronics & appliances and building material sales dropped -1.98% MoM and -2.30% MoM respectively after surging in April due to tariff front running.
- Clothing & accessories rose 0.67% MoM and 3.21% YoY, down from April’s 5.14% YoY growth.
- Health & personal care gained 1.43% MoM and 3.85% YoY.
- Growth in May moderated somewhat from April’s stronger YoY gains, reflecting more balanced consumer spending across categories.
Source
The CNBC/NRF Retail Monitor found retail sales (ex gas and autos) were up 0.72% MoM and 6.76% YoY in April, up from 4.75% YoY in March and the highest growth in 2025 so far.
- Core retail sales, which also excludes restaurants, were up 0.90% MoM and 7.11% YoY.
- Food services & drinking places cooled from a strong March to fall -0.07% MoM in April.
- The largest gains were in electronics (+2.80% MoM), building & garden supplies (+2.77% MoM), health & personal care (+1.43% MoM), and clothing & accessories (+1.14% MoM)
- The strong increase in electronics & appliances sales, likely due to tariff front-running, has the industry up 10.50% YoY (vs 5.94% YoY).
Source
The CNBC/NRF Retail Monitor found retail sales (ex gas and autos) were up 0.60% MoM and 4.75% YoY in March, up from 3.38% YoY in February and the highest growth in 2025 so far.
- Core retail sales, which also excludes restaurants, were up 0.40% MoM and 5.07% YoY.
- Food services & drinking places was the strongest industry with sales up 1.48% MoM.
- Clothing (+0.76% MoM), digital products (+0.79% MoM), and groceries (+0.65% MoM) were the other strongest categories.
- Building & garden supplies saw the largest decline (-0.81% MoM) followed by health & personal care (-0.44% MoM) and electronics & appliances (-0.29% MoM).
Source
The CNBC/NRF Retail Monitor estimates that February retail sales (ex gas and autos) were down -0.22% MoM, pushing the annual rate down from 5.44% YoY in January to 3.38% YoY.
- Core retail sales (which excludes restaurants) were down -0.22% MoM as well and the annual rate slowed from 5.72% YoY to 4.11% YoY.
- The largest declines were in building & garden supplies (-1.02% MoM) and furniture & home furnishings (-1.01% MoM).
- The only increases were seen in non-store retail (+0.46% MoM) and sporting goods & music stores (+0.93% MoM).
Source
The CNBC/NRF Retail Monitor estimates retail sales (ex gas & autos) were down -1.07% MoM, and the annual rate eased from 7.24% YoY in December to 5.44% YoY in January.
- Core retail sales, which excludes restaurants, were down -1.27% MoM and up 5.72% YoY (down from 8.41% YoY).
- The estimate suggests there were sharp declines in clothing (-2.96% MoM), general merch (-2.43% MoM), and furniture (-2.03% MoM).
Source
The CNBC/NRF Retail Monitor estimates retail sales (ex-gas and autos) were up 1.74% MoM and 7.24% YoY, after seasonal adjustment.
- Large gains in clothing (+4.07% MoM), sporting goods (+3.81% MoM), general merchandise (+3.24% MoM), and electronics (+3.25% MoM) suggests that holiday spending was strong in December.
- Non-store retail had a particularly robust month, up 4.49% MoM and a sharp 33.05% YoY.
Source

Publications

August CNBC/NRF Retail Monitor Data Shows Increased Sales Even as Inflation Impacts Growth

Sep 11, 2025

CNBC/NRF Retail Monitor Shows Strong Spending in July as Consumers Responded to Sales and Bought Ahead of Tariffs

Aug 10, 2025

CNBC/NRF Retail Monitor Shows Sales Slowed in June as Concerns About Tariffs Continued

Jul 10, 2025

CNBC/NRF Retail Monitor Shows Continued Sales Growth But Less Stocking Up Ahead of Tariffs

Jun 12, 2025

CNBC/NRF Retail Monitor Shows April Sales Growth as Consumers Stocked Up Ahead of Tariffs

May 07, 2025

MTS Insights

CNBC-NRF Retail Monitor

Latest Updates

Publications

August CNBC/NRF Retail Monitor Data Shows Increased Sales Even as Inflation Impacts Growth

CNBC/NRF Retail Monitor Shows Strong Spending in July as Consumers Responded to Sales and Bought Ahead of Tariffs

CNBC/NRF Retail Monitor Shows Sales Slowed in June as Concerns About Tariffs Continued

CNBC/NRF Retail Monitor Shows Continued Sales Growth But Less Stocking Up Ahead of Tariffs

CNBC/NRF Retail Monitor Shows April Sales Growth as Consumers Stocked Up Ahead of Tariffs

CNBC/NRF Retail Monitor Shows March Sales Grew Only Moderately Amid Tariff Concerns

CNBC/NRF Retail Monitor Shows February Sales Were Down Monthly Amid Tariff Concerns

January CNBC/NRF Retail Monitor Shows Sales Drop From Busy December But Strong Gains Year Over Year

December CNBC/NRF Retail Monitor Results Show Strong Growth Boosted by Final Thanksgiving Weekend Days

CNBC/NRF Retail Monitor Shows Sales Grew in November Even as Two Thanksgiving Weekend Days Fell in December

CNBC/NRF Retail Monitor Shows Strong Retail Sales Gains in October After a Slow September

CNBC/NRF Retail Monitor Shows Retail Sales Declined Monthly in September But Still Grew Year Over Year

CNBC/NRF Retail Monitor Shows Retail Sales Grew Again in August as Inflation Eased

CNBC/NRF Retail Monitor Shows Retail Sales Grew in July Amid Back-to-School Spending and Special Deals

CNBC/NRF Retail Monitor Reports Moderate Retail Sales Growth in June

CNBC/NRF Retail Monitor Shows Retail Sales Grew in April

CNBC/NRF Retail Monitor Shows Retail Sales Grew in March Amid Wage Gains and Easing Inflation for Goods

February CNBC/NRF Retail Monitor Numbers Show Consumers Continued Spending in February

January CNBC/NRF Retail Monitor Numbers Show 'Great Start to the New Year'