In March 2025, sales at US clothing and accessories stores rose by 0.76% month-over-month, seasonally adjusted, as households prepared for anticipated price hikes due to tariffs.
Despite this uptick, the CNBC/NRF Retail Monitor indicates that consumers remained cautious in their spending, primarily due to worries regarding increasing tariffs.
The report clarifies that the observed spending trends in March followed President Donald Trump’s announcement in February regarding tariffs on imports from China, Canada, and Mexico. This situation contributed to the overall retail sector exhibiting moderate growth after experiencing two months of decline. The data was released just before Trump’s April 2 announcement of a minimum 10% tariff on goods from all US trading partners, along with expansive reciprocal tariffs on various countries. Although these reciprocal tariffs are currently on a 90-day pause, additional tariffs on Chinese products have heightened tensions between the US and China.
Matthew Shay, President and CEO of the NRF, commented, “Retail sales increased in March but only moderately, and the spending came before the president’s ‘Liberation Day’ tariff announcement.
“The pullback we’ve seen the past few months comes despite strong economic fundamentals. A major factor appears to be driven by the uncertainty caused by tariffs. March’s increase is partly the result of stocking up to get ahead of tariffs. With the economic outlook unclear and the situation fluid, consumer sentiment is weakening, and many consumers are shifting disposable income into savings.”
A survey conducted by Prosper Insights & Analytics for the NRF found that early in March, 46% of consumers were making purchases of household appliances and clothing in anticipation of price increases due to tariffs.
According to a report published by the National Retail Federation (NRF), powered by Affinity Solutions, total retail sales—excluding automobiles and gasoline—rose by 0.6% month-over-month after seasonal adjustments, reflecting a 4.75% year-over-year increase without adjustments.
Core retail sales, which exclude automobile dealers, gas stations, and restaurants, saw an increase of 0.4% month-over-month and a 5.07% year-over-year rise in March.
During the first quarter of the year, total sales experienced a growth of 4.52% compared to the previous year, while core sales rose by 4.96%.
Yearly growth was observed across multiple categories, with significant contributions from digital products, general merchandise stores, and outlets specializing in sporting goods, hobbies, music, and books. This trend aligns with the ongoing narrative of US Retail Sales Growth as various sectors continue to adapt to market changes. Overall, the increase in retail activity showcases resilience, even amid tariff-related uncertainties impacting consumer behavior and expenditure patterns. The focus on US Retail Sales Growth remains crucial as the market navigates these challenges.
