Consumer Behavior

April retail sales reflect selective purchasing

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May 16, 2024

Retail sales were moderated in April, reflecting that pace of spending is due to consumers being selective, according to the National Retail Federation.

Data from the U.S. Census Bureau revealed overall retail sales in April were unchanged from March and up 3% unadjusted year over year. The 3% increase was due, in part, to recent downward revisions to data from 2023, according to an NRF statement.

"Even though household income and job growth are compressing, the consumer spending picture remains positive," NRF Chief Economist Jack Kleinhenz said in the statement. "The softer pace of spending is due in part to consumers being selective and prioritizing retail purchases. Yet, consumers remain willing to spend, keeping the economy afloat despite fatigue from stubbornly high inflation for services and higher interest rates."