NRF: August 2025 sales grew as inflation impacts increased
Retail spending continued to grow in August as consumers stocked up on school supplies and tried to beat rising tariffs that could be beginning to affect prices, according to the CNBC/NRF Retail Monitor, powered by Affinity Solutions, released by the National Retail Federation.
“Consumer spending rose again in August, fueled by a still-stable consumer and a robust back-to-school shopping season,” NRF president and CEO Matthew Shay said. “Spending was supported by lower fuel costs, tax-free holidays and consumers buying products before tariff increases take effect. We may be seeing inflationary impacts from tariffs since recent data shows price increases in commodity goods. Even with weaker job growth than many expected, employment remains stable and at a high level, giving consumers the ability to spend thoughtfully on household priorities. Nonetheless, consumers are preserving spending power by cutting back on less-essential services.”
Total retail sales, excluding automobiles and gasoline, were up 0.5% seasonally adjusted month over month and up 6.81% unadjusted year over year in August, according to the Retail Monitor. That compared with increases of 1.45% month over month and 5.89% year over year in July.
The Retail Monitor calculation of core retail sales (excluding restaurants in addition to automobile dealers and gasoline stations) was up 0.26% month over month in August and up 6.67% year over year. That compared with increases of 1.55% month over month and 5.93% year over year in July.
Total sales were up 5.08% year over year for the first eight months of the year and core sales were up 5.27%.
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.
August sales were up in all but one out of nine categories on a yearly basis, led by digital products, sporting goods stores and clothing stores, and were up in five out of nine categories on a monthly basis. Specifics from key sectors include:
- General merchandise stores were up 0.39% month over month seasonally adjusted and up 7.63% year over year unadjusted.
- Grocery and beverage stores were up 0.98% month over month seasonally adjusted and up 7.17% year over year unadjusted.
- Furniture and home furnishings stores were up 0.23% month over month seasonally adjusted and up 3.07% year over year unadjusted.
- Building and garden supply stores were down 2.13% month over month seasonally adjusted and down 7.77% year over year unadjusted.
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