Oct. 11, 2024 — Retail sales experienced a slight decline in September, falling 0.32% month-over-month, according to the latest data from the CNBC/NRF Retail Monitor, powered by Affinity Solutions. Despite the dip, consumer spending remained higher than last year, rising 0.55% year-over-year.

“After seven consecutive months of gains, consumers pulled back a bit in September, which is historically a soft month for retail sales,” says NRF president and CEO Matthew Shay. “Due to geopolitical tensions, uncertainty regarding election outcomes, anticipation of the port strike, and lingering inflation in services, shoppers showed caution. However, year-over-year gains showed consumers were still spending on household priorities.”

Core retail sales—excluding auto sales, gas stations, and restaurants—also saw a decrease of 0.28% from the previous month but posted a 0.94% year-over-year increase. This marks the first month-over-month decline in total and core sales since January 2024, and only the second since the Retail Monitor began tracking sales in October 2022.

Year-to-date, total retail sales increased by 1.91%, while core sales rose 2.18% over the same period.

Five out of nine retail categories reported annual sales growth, with online sales, clothing and accessories, and health and personal care stores leading the gains. Online and other non-store sales jumped 15.21% year-over-year, while clothing and accessories stores saw a 10.31% increase. Health and personal care stores were up 4.82% compared to the previous year.

However, several sectors saw declines both month-over-month and year-over-year, including electronics and appliance stores, building and garden supply stores, and furniture and home furnishings.