Hardware Retailing The Industry's Source for Insights and Information
Retail spending increased in July as consumers sought out summer sales to purchase goods before additional tariffs take effect, according to the National Retail Federation’s CNBC/NRF Retail Monitor.
July sales in the building and garden supplies sector increased 1.32% seasonally adjusted month over month, but were down 4.11% year over year unadjusted.
Total retail sales were up 1.45% seasonally adjusted month over month and up 5.89% unadjusted year over year, compared to a decrease of 0.33% month over month and a year over year increase of 3.19% in June.
“Consumer spending increased in July, driven by successful summer sales events held by many retailers and shoppers continuing to pull purchases forward ahead of tariffs,” says Matthew Shay, NRF president and CEO. “Month-over-month gains were sizeable against a weaker-than-normal June. We may be seeing growing inflationary impacts from tariffs since recent data shows price increases in commodity goods, particularly non-durables. Even with weaker job growth than many expected, consumers still have the ability to spend on household priorities as wages are growing above the rate of inflation.”
As consumers look to spend before tariffs take effect, now is a good time to promote end-of-summer sales to boost cash flow in your operation. One easy way to promote these products is by taking advantage of endcaps and promo areas.
