Nov. 13, 2024 — Retail sales saw a notable rebound in October as economic stability encouraged consumer spending, following a slower September affected by concerns about port strikes and other disruptions. According to data from the CNBC/NRF Retail Monitor, released by the National Retail Federation (NRF) and powered by Affinity Solutions, retail sales excluding automobiles and gasoline rose 0.74% seasonally adjusted month over month and 4.13% unadjusted compared to last year.

“Healthy spending resumed in October as consumers continued to benefit from this year’s job gains and higher wages,” says NRF president and CEO Matthew Shay. “Inflation is mostly limited to services at this point and prices for some retail goods are actually falling. October sales have set the stage for a good start to the holiday shopping season.”

The Retail Monitor’s core retail sales index (excluding restaurants, auto dealers, and gas stations) recorded an increase of 0.83% month over month and 4.59% year over year. The year-over-year increase for total sales was the largest since 4.24% in November 2023 while the year-over-year increase for core sales was the largest since 4.76% in August 2023. Unlike Census Bureau survey data, the Retail Monitor relies on anonymized credit and debit card data, which provides real-time insights without the need for later revisions.

October sales were higher in seven out of nine retail categories on an annual basis, particularly in online sales, clothing and accessories, and health and personal care stores. The following are highlights from key sectors seasonally adjusted month over month and unadjusted year over year:

• Online and other non-store sales were up 1.84% from last month and up 19.38% compared to last year.
• Clothing and accessories stores were down 0.57% from last month but up 8.56% compared to last year.
• Health and personal care stores were up 1.45% from last month and up 8.35% compared to last year.
• General merchandise stores were up 0.05% from last month and up 5.51% compared to last year.
• Grocery and beverage stores were up 0.87% from last month and up 3.76% compared to last year.
• Building and garden supply stores were up 1.69% from last month and up 3.12% compared to last year.
• Furniture and home furnishings stores were up 0.58% from last month and up 1.87% compared to last year.
• Electronics and appliance stores were down 0.81% from last month and down 0.64% compared to last year.
• Sporting goods, hobby, music, and bookstores were up 2.7% from last month but down 1.23% compared to last year.