The National Retail Federation (NRF) reported that retail spending continued to grow in August as consumers stocked up on school supplies and attempted to offset rising tariffs that could be starting to impact prices, according to data compiled in the CNBC/NRF Retail Monitor report.
“Consumer spending rose again in August, fueled by a still-stable consumer and a robust back-to-school shopping season,” offered NRF President and CEO Matthew Shay. “Spending was supported by lower fuel costs, tax-free holidays, and consumers buying products before tariff increases take effect. We may be seeing inflationary impacts from tariffs since recent data shows price increases in commodity goods. Even with weaker job growth than many expected, employment remains stable and at a high level, giving consumers the ability to spend thoughtfully on household priorities. Nonetheless, consumers are preserving spending power by cutting back on less-essential services.”
The CNBC/NRF Retail Monitor report estimated that total retail sales, excluding automobiles and gas, were up 0.50 percent seasonally adjusted month-over-month and up 6.8 percent unadjusted year-over-year in August. That compares with increases of 1.5 percent m/m and 5.9 percent y/y in July.
The CNBC/NRF report’s calculation of core retail sales, excluding restaurants, automobile dealers and gas stations, increased 0.26 percent m/m in August and grew 6.7 percent year-over-year. This compares with increases of 1.6 percent m/m and 5.9 percent y/y in July.
Total retail sales were said to be up 5.1 percent y/y for the first eight months of the year (YTD), and core sales were up 5.3 percent versus the 2024 YTD period.
The CNBC/NRF Retail Monitor reports actual, anonymized credit and debit card purchase data compiled by Affinity Solutions, which tabulates its report results without requiring monthly or annual revisions. The Retail Monitor leverages Affinity Solutions’ data from over 140 million credit and debit cards, with nearly nine billion transactions totaling more than $500 billion in annual spending.
NRF reported that August sales were up in all but one out of nine categories on a year-over-year basis, led by Digital Products, Sporting Goods Stores and Clothing Stores, and were up in five out of nine categories on a month-over-month basis.
The sector that includes Sporting Goods stores was up nearly 9 percent y/y in August after posting 9.9 percent year-over-year growth in July, an increase of 8.5 percent in June, a +8.2 percent growth in May, and a +9.2 percent growth in April.
Growth in the Clothing and Accessories stores sector, which includes footwear stores, continued to build on its solid July gain, showing growth of 8.3 percent after sales increased 6.7 percent in the prior month. The Building and Garden Supply Stores sector was the only one to see a decline year-over-year.
Year-Over-Year Change in Retail Sales, Unadjusted
To download the complete CNBC/NRF Retail Monitor Report for July 2025, go here.
