Overall retail sales in July reached $682.8 billion, slightly higher than the $682.6 billion recorded in the month before. When compared to last year, sales were up 10.3%.
“Retail sales grew in July, supported by declines in prices at the gas pump and moderately lower inflation,” NRF president and CEO Matthew Shay said in a statement. “Consumers are adapting to higher prices by prioritizing essentials like food and back-to-school items, and retailers are working hard to absorb the impact of higher costs and help customers stretch their hard-earned dollars.”
July sales were up in all but three retail categories on a yearly basis, with online sales, building materials, and grocery driving growth. Here is the breakdown:
- Online and other non-store sales increased by 2.7% month over month seasonally adjusted and were up 18.1% unadjusted year over year.
- Building materials and garden supply stores improved by 1.5% month over month seasonally adjusted and were up 6.2% unadjusted year over year.
- Grocery and beverage store sales increased by 0.2% month over month seasonally adjusted and up 7.7% unadjusted year over year.