NRF: Spending slowed in September 2025 but year-over-year growth remains ‘robust’
Retail sales slowed on a monthly basis in September after a busy summer but year-over-year increases remain strong as retailers prepare for the holiday season, according to the CNBC/NRF Retail Monitor, powered by Affinity Solutions, released by the National Retail Federation.
“Retail sales dipped in September as consumers hit the pause button after two solid months of back-to-school spending,” NRF President and CEO Matthew Shay said. “Amid continued economic uncertainty, consumers opted to preserve spending power in preparation for the important holiday season. While month-over-month spending data has fluctuated as consumers have reacted to changing circumstances, year-over-year gains show robust growth and signal momentum as we head into the holidays.”
Total retail sales, excluding automobiles and gasoline, were down 0.66% seasonally adjusted month over month but up 5.42% unadjusted year over year in September, according to the Retail Monitor. That compared with increases of 0.5% month over month and 6.81% year over year in August.
The Retail Monitor calculation of core retail sales (excluding restaurants in addition to automobile dealers and gasoline stations) was down 0.49% month over month in September but up 5.72% year over year. That compared with increases of 0.26% month over month and 6.67% year over year in August.
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