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Consumers “took a breather” on January spending after holiday rush

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Numbers show reflect overall consumer strength, backed by a strong job market and wage gains above the rate of inflation, NRF report says.

Supply Chain Xchange Staff
By Supply Chain Xchange StaffFeb 10, 2025
Supply Chain Xchange Staff
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Shoppers spent less in January than they did during the busy holiday month before but retail sales had strong year-over-year gains nonetheless, according to the CNBC/NRF Retail Monitor, powered by Affinity Solutions, released today by the National Retail Federation (NRF).

“Consumers pulled back in January, taking a breather after a stronger-than-expected holiday season,” NRF President and CEO Matthew Shay said in the report. “Despite the monthly decline, the year-over-year increases reflect overall consumer strength as a strong job market and wage gains above the rate of inflation continue to support spending. We’re seeing a ‘choiceful’ and value-conscious consumer who is rotating spending across goods and services and essentials and non-essentials, boosting some sectors while causing challenges in others.”

Total retail sales, excluding automobiles and gasoline, were down 1.07% seasonally adjusted month over month but up 5.44% unadjusted year over year in January, according to the Retail Monitor. That compared with increases of 1.74% month over month and 7.24% year over year in December.

Likewise, the Retail Monitor calculation of core retail sales (excluding restaurants in addition to automobile dealers and gasoline stations) was down 1.27% month over month in January but up 5.72% year over year. That compared with increases of 2.19% month over month and 8.41% year over year in December.

NRF says that unlike survey-based numbers collected by the Census Bureau, its Retail Monitor uses actual, anonymized credit and debit card purchase data compiled by Affinity Solutions and does not need to be revised monthly or annually.

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PlanArticleFinance & Strategy
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