Report: Retail Sales Up 2.3% YoY in January

Retail sales showed a strong beginning for the year in January, nearly matching December’s busy holiday spending and rising significantly year-over-year, according to the CNBC/NRF Retail Monitor, powered by Affinity Solutions, released today by the National Retail Federation (NRF). Total retail sales were up 2.34 percent unadjusted YoY in January, according to the Retail Monitor. That compares with increases of 0.44 percent month-over-month and 3.07 percent YoY in December.

The Retail Monitor calculation of core retail sales was down 0.04 percent month-over-month and up 3.24 percent YoY in January. That compared with increases of 0.19 percent month-over-month and 2.4 percent YoY in December. January sales were up in six out of nine retail categories on a yearly basis, led by online sales, health and personal care stores, and clothing and accessory stores.

This is the fourth month that the Retail Monitor, which was launched in November, has provided data on monthly retail sales. 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.

Total Retail's Take: The latest data reveals a promising start to 2024 for retailers and consumers, despite persistent news reports of a looming recession and slowing consumer spending in 2024.

“January sales continued the strong performance of retail sales in December, which is impressive coming off a record holiday season,” NRF President and CEO Matthew Shay said in a press release. “More importantly, year-over-year growth was solid, showing consumers are still optimistic and willing to act on the spending power brought by growing employment and wages.”