Consumer Behavior

Consumers stocked up in April ahead of tariffs impact

Photo: Adobe Stock

May 20, 2025

Retail sales grew in April as consumers increased buying to avoid higher prices expected with tariffs, according to the CNB/NRF Retail Monitor.

"Spending rose again in April, driven largely by consumers continuing to pull purchases forward to stay ahead of tariffs that will inevitably lead to higher prices," NRF President and CEO Matthew Shay said in a press release on the economic data. "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."

Total retail sales, excluding automobiles and gasoline, were up 0.72% seasonally adjusted month over month and up 6.76% unadjusted year over year in April, according to the Retail Monitor.

That compared with increases of 0.6% month over month and 4.75% year over year in March.

The Retail Monitor calculation of core retail sales (excluding restaurants in addition to automobile dealers and gasoline stations) was up 0.9% month over month in April and up 7.11% year over year. That compared with increases of 0.4% month over month and an increase of 5.07% year over year in March.

Total sales were up 5.08% year over year for the first four months of the year and core sales were up 5.5%.

The Retail Monitor uses actual, anonymized credit and debit card purchase data compiled by Affinity Solutions and does not need to be revised monthly or annually.