Warmer spring weather spurred continued consumer spending and activity this March. According to the National Retail Federation (NRF), March retail sales, excluding automobiles, gas stations and restaurants, increased 0.8% adjusted month-to-month and 1.6% unadjusted year-over-year.
“Consumers shed their winter coats last month for fresh, spring merchandise. Retail sales increased in most categories and sectors as consumers took to stores to purchase new spring attire and home furnishings in hopeful expectation of warmer weather. Sales should continue to remain positive this spring with the approach of Easter and expected tax refunds,” says NRF president and CEO Matthew Shay.
Earlier this month, NRF’s Easter Spending Survey conducted by Prosper Insights & Analytics reported that the average American consumer will spend $137.46 this Easter holiday on clothing, candy, gifts and more, with total spending reaching $15.9 billion. March retail sales, released recently by the US Census Bureau, which include categories such as automobiles, gasoline stations and restaurants, increased 1.1% seasonally adjusted month-to-month ($433.9 billion). The Census also reported that retail sales increased 3.8% adjusted year-over-year.
“Improving economic conditions and consumer confidence should push consumers to return to spending habits this spring. Consumers released some pent-up demand in March after two consecutive months of harsh winter weather that not only hampered employment opportunities but also retail sales. We remain optimistic that retail sales will continue their positive march this spring,” adds NRF chief economist Jack Kleinhenz.