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. 

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData

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.”