US retail sales jump in April, shoppers rush to beat tariff price hike
US retail sales rose in April as consumers advanced their purchases to avoid anticipated price hikes linked to upcoming tariffs, according to the latest CNBC/National Retail Federation (NRF) Retail Monitor data. Clothing and accessories store sales rose by 1.14 per cent month over month (MoM) and increased by 5.14 per cent year over year (YoY), unadjusted.
Alongside tariff-related buying, the YoY comparison was positively influenced by the timing of Easter, which fell in April this year instead of March as it did in 2024, the NRF said in a media release.
US retail sales rose in April as consumers advanced purchases to avoid expected tariff-driven price hikes. Total sales grew 0.72 per cent MoM and 6.76 per cent YoY, while core sales rose 0.9 per cent MoM and 7.11 per cent YoY. Clothing led gains, rising 1.14 per cent MoM. NRF cited strong household finances and pre-tariff buying as key drivers.
Total retail sales, excluding automobiles and gasoline, increased by 0.72 per cent MoM on a seasonally adjusted basis and by 6.76 per cent YoY unadjusted. This marked a stronger performance than in March, when sales rose by 0.6 per cent MoM and 4.75 per cent YoY.
Core retail sales, which exclude restaurants, automobile dealers, and gasoline stations, climbed by 0.9 per cent MoM in April and 7.11 per cent YoY. These figures also improved from March's gains of 0.4 per cent MoM and 5.07 per cent YoY. For the first four months of 2025, total sales rose by 5.08 per cent YoY, while core sales grew by 5.5 per cent.
Additionally, category-wise, furniture and home furnishings sales increased by 0.86 per cent MoM and 0.09 per cent YoY; general merchandise stores were flat on a monthly basis but recorded a 6.67 per cent YoY gain; and digital product sales were up 0.62 per cent MoM on a seasonally adjusted basis and increased by 27.67 per cent YoY, unadjusted.
'Despite declines in confidence caused by the economic uncertainty that has come with tariffs, consumer fundamentals remain intact, supported by low unemployment, slower-but-steady income growth and solid household finances. Consumers maintain their ability to spend and have strong reasons to spend now before tariffs can drive up prices or cause shortages on store shelves,' said NRF president and CEO Matthew Shay.
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