US retail spending has cooled, with multiple categories experiencing negative growth in March!

It is learned that according to foreign media reports, retail spending cooled in March as Americans reduced spending amid rising interest rates and economic recession.

According to the National Retail Federation, retail sales in March fell slightly by 0.5% from February but were up 4.6% from a year earlier (excluding auto dealerships, gas stations and restaurants).

Data showed that in March, online and other non-store sales in the United States increased by 12.4% year-on-year and 1.9% month-on-month. In terms of overall sales channels, except for sporting goods, health and personal care categories, sales in all other categories declined year-on-year.

The following is the performance of each category:

• Health and personal care store sales increased 0.3% month-over-month and 7.3% year-over-year.

• Grocery and beverage stores fell 0.1% month-on-month but increased 5.6% year-on-year.

• Sporting goods stores increased 0.2% month-over-month and 3.3% year-over-year.

• General merchandise stores fell 3% month-over-month but rose 2.9% year-over-year.

• Furniture and home furnishings stores fell 1.2% month-over-month and 1.9% year-over-year.

• Clothing and apparel accessories stores fell 1.7% month-over-month and 2.2% year-over-year.

• Building material and garden supply stores fell 2.1% month-over-month and 4.3% year-over-year.

• Electronics and appliance stores fell 2.1% month-over-month and 9.9% year-over-year.

“The data reflect both a slowdown in economic activity and lower prices as inflation eases — meaning consumers are spending less money to buy the same amount of goods,” said Jack Kleinhenz, NRF’s chief economist.

Despite this, sales growth in 2023 is still positive. NRF expects U.S. retail sales to grow 4% to 6% year-on-year in 2023, totaling between $5.13 trillion and $5.23 trillion.

Editor ✎ Nicole/

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