Christian Retailing

March retail sales up as shoppers ‘hold their own’ against rising prices Print Email
Written by Christine D. Johnson   
Tuesday, 17 April 2012 11:03 AM America/New_York

An earlier Easter and unseasonably warm weather throughout much of the country meant solid sales growth for retailers in March, according to the National Retail Federation (NRF).

March retail industry sales (excluding automobiles, gas stations and restaurants) increased 0.8% seasonally adjusted from February and 6.6% unadjusted year-over-year.

“Consumers have demonstrated the desire and ability to spend on discretionary items, further helping to spur economic and retail sales growth in the first quarter of 2012,” said NRF President and CEO Matthew Shay. “While retailers will wait until the end of April to gauge the success of the spring shopping season, it’s evident that consumers are holding their own against rising gas prices and other economic concerns.”

March retail sales released by the U.S. Department of Commerce showed total retail sales (which includes non-general merchandise such as automobiles, gas stations and restaurants) increased 0.8% adjusted month-to-month and 7.4% unadjusted year-over-year. Spring goods and book, music and hobby store sales increased 0.5% seasonally adjusted month-to-month and 8.9% unadjusted year-over-year.

“Moderate retail sales growth in March will help to offset murkier recent economic employment data,” said NRF Chief Economist Jack Kleinhenz. “We expect to see gains through the all-important summer months, but job and weak income growth coupled with stubbornly high gas costs will continue to force consumers to make tough, price-sensitive choices.”