Consumers Ease Up on Stocking Up
NATIONAL REPORT — Retail sales grew in May even as consumers slowed on stocking up ahead of the implementation of tariffs, according to the latest CNBC/NRF Retail Monitor, powered by Affinity Solutions and released by the National Retail Federation (NRF).
Total retail sales (excluding automobiles and gasoline) were up 0.49% seasonally adjusted month over month and up 4.44% unadjusted year over year in May. The prior month, sales were up 0.72% month over month and 6.76% year over year, respectively.
"The data for May indicates that the pull-forward in consumer demand ahead of tariffs is likely dissipating," said NRF President and CEO Matthew Shay. "While momentum remains, the nature of consumer spending is shifting as economic uncertainty increases. Consumer fundamentals haven't been damaged yet, and a slowing-but-still-growing job market is supporting household priorities ahead of any meaningful price increases in the coming months."
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The Retail Monitor calculation of core retail sales, excluding restaurants as well as automobile dealers and gas stations, was up 0.23% month over month in May and up 4.2% year over year, compared to increases of 0.9% month over month and 7.11% year over year in April.
For the first five months of 2025, total sales were up 4.95% year over year and core sales were up 5.24%.
The Retail Monitor found that sales were up in seven out of nine categories on a yearly basis in May, with digital products, sporting goods stores and general merchandise stores leading the way. Additionally, sales were up in six categories on a monthly basis.
The report also found that grocery and beverage stores were up 0.46% month over month seasonally adjusted and up 4.53% year over year unadjusted. General merchandise stores were up 0.4% month over month seasonally adjusted and up 4.63% year over year unadjusted.
The Retail Monitor is based on actual, anonymized credit and debit card purchase data compiled by Affinity Solutions and does not need to be revised monthly or annually, unlike survey-based numbers collected by the Census Bureau.
NRF, headquartered in Washington, D.C., is a trade association that advocates for the people, brands, policies and ideas that help retail succeed.