US retail sales increased 8.5% year-on-year in January! Demand for furniture and home furnishings soared!

It is learned that according to data from the National Retail Federation (NRF), US retail sales in January 2022 increased by 8.5% year-on-year (excluding car dealers, gas stations and restaurants), an increase of 4.7% compared with December 2021. Overall, Americans' consumption level remained very strong in January, starting 2022 with higher spending.

NRF pointed out that the performance of various industries in the United States in January is as follows:

• The clothing and accessories industry grew 0.7% on a monthly basis and 19.1% on an annual basis;
• The building materials and garden supplies industry grew 4.1% on a monthly basis and 12.7% on an annual basis;
• Grocery and beverages grew 1.1% on a monthly basis and 6.4% on an annual basis;
• The furniture and home furnishings industry grew 7.2% month-on-month and 1.5% year-on-year;
• The health and personal care products industry fell 0.7% on a monthly basis and grew 7.7% on an annual basis;
• The electronics and household appliances industry grew by 1.9% on a monthly basis and fell by 3% on an annual basis;
• The sporting goods industry fell 3% on a monthly basis and 0.8% on an annual basis;
• Online store and other non-online sales increased 14.5% month-on-month and 8.9% year-on-year.

It can be seen that the growth in US retail sales in January was led by the furniture and home furnishings industry, while sales in the three categories of health and personal care, electronics and home appliances, and sporting goods all declined.

NRF Chief Economist Jack Kleinhenz said Americans' consumer spending also increased despite severe weather, the Omicron virus outbreak and escalating inflation in January.

Editor ✎ Nicole/

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