Retail sales saw a moderate monthly increase in January, marking the fourth consecutive month of sequential growth, according to the CNBC/NRF Retail Monitor. Strong year-over-year gains were again seen.

Total retail sales, excluding auto dealers and gas stations, were up 0.2 percent seasonally adjusted month-over-month and up 5.72 percent unadjusted year-over-year in January, according to the CNBC/NRF Retail Monitor, powered by Affinity Solutions. That compares with increases of 1.26 percent month-over-month and 3.54 percent year-over-year in December.

The Retail Monitor’s calculation of core retail sales, excluding restaurants, auto dealers, and gas stations, rose 0.15 percent month-over-month in January and 5.51 percent year-over-year. That compares with increases of 1.6 percent month-over-month and 3.58 percent year-over-year in December.

January’s results follow a record-breaking November through December 2025 holiday selling season, which grew 4.1 percent year-over-year based on Retail Monitor data released last month.

“Consumers demonstrated continued resilience in January, showing moderate spending growth on the heels of record-high spending during the holiday season,” NRF President and CEO Matthew Shay said. “This was the fourth consecutive month that sales rose from the month before, and year-over-year gains were particularly strong. Consumer spending continues to drive the broader economy forward, supported by healthy household finances and real wage gains that have increased purchasing power. Retailers are doing their part by leveraging supply chains and new technologies to ensure that products remain affordable for American families.”

 

Unlike survey-based numbers collected by the Census Bureau, the Retail Monitor uses actual, anonymized credit and debit card purchase data.

January 2026 sales were up in all but one of nine categories on a yearly basis, led by clothing stores, digital products and health and personal care stores, and were up in four categories on a monthly basis. Specifics from key sectors include:

  • Clothing and accessories stores were up 0.23 percent month-over-month, seasonally adjusted, and up 9.39 percent year-over-year, unadjusted.
  • Digital products, such as electronic books and games, were up 1.22 percent month-over-month seasonally adjusted and up 6.45 percent year-over-year, unadjusted.
  • Health and personal care stores were up 0.66 percent month-over-month, seasonally adjusted, and up 5.98 percent year-over-year, unadjusted.
  • General merchandise stores were down 0.05 percent month-over-month, seasonally adjusted, but up 5.46 percent year-over-year, unadjusted.
  • Grocery and beverage stores were up 0.37 percent month-over-month, seasonally adjusted, and up 5.41 percent year-over-year, unadjusted.
  • Sporting goods, hobby, music and bookstores were down 0.37 percent month-over-month, seasonally adjusted, but up 4.94 percent year-over-year, unadjusted.
  • Electronics and appliance stores were down 0.18 percent month-over-month, seasonally adjusted, but up 2.54 percent year-over-year, unadjusted.
  • Furniture and home furnishings stores were down 0.31 percent month-over-month, seasonally adjusted, but up 2.39 percent year-over-year, unadjusted.
  • Building and garden supply stores were down 0.15 percent month-over-month, seasonally adjusted, and down 6.26 percent year-over-year, unadjusted.

Image courtesy REI / Charts courtesy NRF