Retail sales rose again in March as consumers received higher-than-usual tax refunds that offset higher gas prices, according to the CNBC/NRF Retail Monitor.

“Retail sales grew for the sixth consecutive month in March as the first wave of tax refunds offset higher gas prices resulting from the conflict in the Middle East,” NRF President and CEO Matthew Shay said. “Despite record-low consumer sentiment and the highest inflation rate in two years, consumers continued to spend on household priorities. As consumers focus on costs, retailers remain laser-focused on keeping prices competitive and affordable.”

Total retail sales, excluding auto dealers and gas stations, were up 0.4 percent seasonally adjusted month-over-month and up 6.59 percent unadjusted year-over-year in March, according to the Retail Monitor, powered by Affinity Solutions. That compares with increases of 0.28 percent month over month and 6.24 percent year over year in February.

The Retail Monitor calculation of core retail sales (excluding restaurants, in addition to auto dealers and gas stations) was up 0.41 percent month over month in March and up 7.05 percent year-over-year. That compares with increases of 0.27 percent month over month and 5.87 percent year-over-year in February.

Total sales were up 6.18 percent year-over-year during the first quarter, and core sales were up 6.14 percent.

The numbers come as the IRS says 2026 tax refunds averaged $3,521 as of late March, up 11.1 percent from 2025 following changes in tax law passed last year.

Unlike survey-based numbers collected by the Census Bureau, 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.

March sales were up in all but one of nine categories on a yearly basis, led by health and personal care stores, clothing stores and sporting goods stores, and were up in all but two categories monthly. Specifics from key sectors include:

  • Health and personal care stores were up 0.51 percent month-over-month, seasonally adjusted, and up 12.25 percent year-over-year, unadjusted.
  • Clothing and accessories stores were up 0.57 percent month-over-month, seasonally adjusted, and up 10.89 percent year-over-year, unadjusted.
  • Sporting goods, hobby, music, and bookstores were up 0.4 percent month-over-month seasonally adjusted and up 10.88 percent year-over-year unadjusted.
  • Digital products (such as electronic books and games) were up 1.42 percent month-over-month, seasonally adjusted, and up 9.39 percent year-over-year unadjusted.
  • General merchandise stores were up 0.38 percent month-over-month seasonally adjusted and up 8.77 percent year-over-year unadjusted.
  • Electronics and appliance stores were up 0.06 percent month-over-month, seasonally adjusted, and up 7.67 percent year-over-year, unadjusted.
  • Grocery and beverage stores were up 0.39 percent month-over-month, seasonally adjusted, and up 3.78 percent year-over-year, unadjusted.
  • Furniture and home furnishings stores were down 0.11 percent month-over-month, seasonally adjusted, but up 3.54 percent year-over-year, unadjusted.
  • Building and garden supply stores were down 0.08 percent month-over-month, seasonally adjusted, and down 0.47 percent year-over-year, unadjusted.