Total retail sales in the US experienced a robust start to 2024 with 2.34% unadjusted year-on-year (YoY) growth in January 2024, according to data from the Consumer News and Business Channel/National Retail Federation (NRF) Retail Monitor.
However, total retail sales in the US, excluding cars and petrol, dipped by a marginal 0.16% on a seasonally adjusted basis from the previous month.
This performance figure is in contrast to December 2023’s month-on-month increase of 0.44% and a YoY rise of 3.07%.
Core retail sales, which also exclude the restaurant sector, saw a negligible decrease of 0.04% month-on-month but were encouraged by a more substantial YoY rise of 3.24% in January.
Over all, January’s sales saw an increase in six out of nine retail categories on a year-on-year basis.
During the month, online and other non-store sales rose by 0.68% month-on-month seasonally adjusted and by an impressive 25.47% YoY unadjusted.
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Clothing and accessories stores also reported significant growth, with a 0.52% month-on-month increase and a 5.9% rise on a YoY basis.
During the same month, electronics and appliance stores saw a 1.34% month-on-month increase but also faced a 4.21% decline YoY.
Grocery and beverage stores experienced a slight 0.2% decrease month-on-month but managed an encouraging 4.06% increase YoY.
General merchandise stores saw a 0.64% month-on-month decrease but also witnessed a 1.14% YoY increase over all.
Sales in furniture and home furnishings stores were harder hit and declined 0.97% month-on-month and decreased 6.35% YoY.
NRF president and CEO Matthew Shay said: “January sales continued the strong performance of retail in December, which is impressive coming off a record holiday season. More importantly, year-on-year growth was solid, showing consumers are still optimistic and willing to act on the spending power brought by growing employment and wages. This is a great start to the new year.”