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The National Retail Federation’s (NRF) CNBC/NRF Retail Monitor recently reported increased retail sales in March following two months of declines. Although sales grew, the gains were moderate due to concerns of rising tariffs.
The U.S. Census Bureau’s Advance Monthly Sales for Retail and Food Services for March 2025 reported that retail sales for building material and garden suppliers were up 3.3% seasonally adjusted month over month and up 2.6% unadjusted year over year. That compared with -0.4% month over month and -0.8% year over year in February.
In March, retail trade sales were up 1.4% from February 2025, and up 4.6% from March of last year.
“Retail sales increased in March but only moderately, and the spending came before the president’s ‘Liberation Day’ tariff announcement,” says Matthew Shay, NRF president and CEO. “The pullback we’ve seen the past few months comes despite strong economic fundamentals. A major factor appears to be driven by the uncertainty caused by tariffs. March’s increase is partly the result of stocking up to get ahead of tariffs. With the economic outlook unclear and the situation fluid, consumer sentiment is weakening and many consumers are shifting disposable income into savings.”
Total sales for the January 2025 through March 2025 period were up 4.1% from the same period last year. The January 2025 to February 2025 percent change remained at o.2%.
According to an NRF survey, 46% of consumers reported they were stocking up on items like clothing, household appliances and more due to fears of rising costs following tariffs implemented by President Donald Trump. Trump’s 90-day pause on tariffs offers some relief, but uncertainty still looms.
