Online retail sales outpaced total sales in September 2024, growing faster compared to the prior month as well as September 2023, according to data from the National Retail Federation’s Retail Monitor and CNBC.
Meanwhile, though total sales decreased month over month in September, they increased year over year, according to the NRF. CNBC and NRF’s Retail Monitor exclude automobile and gasoline from their calculation of total retail sales. Additionally, they identify a calculation for “core” retail sales, which exclude restaurants in addition to automobile dealers and gas stations.
“After seven consecutive months of gains, consumers pulled back a bit in September, which is historically a soft month for retail sales,” said NRF president and CEO Matthew Shay, in a statement. “Due to geopolitical tensions, uncertainty regarding election outcomes, anticipation of the port strike and lingering inflation in services, shoppers showed caution. However, year-over-year gains showed consumers were still spending on household priorities.”
Total retail sales in September 2024
Based on CNBC and the Retail Monitor’s calculations, total retail sales decreased 0.32% compared to August 2024 but grew 0.55% compared to September 2023. In August, total retail sales had increased both month over month (0.45%) and year over year (2.11%).
Similarly, core retail sales decreased 0.28% compared to August 2024 but grew 0.94% compared to September 2023. In August, core retail sales had increased both month over month (0.17%) and year over year (1.93%).
The month-over-month decline for both total and core sales was the first since January, NRF said. It’s also only the second time since the Retail Monitor began tracking sales in October 2022.
Advance estimates from the U.S. Census Bureau differ slightly, in part because of CNBC and the Retail Monitor’s exclusions. Based on Census Bureau data, total retail sales reached $714.4 billion in September 2024. That’s up 0.4% compared to August 2024, and it’s also up 1.7% compared to September 2023.
“While there have been some signs of tightening in consumer spending, September’s numbers show consumers are willing to spend where they see value,” said NRF chief economist Jack Kleinhenz, in a statement analyzing Census Bureau data. “September sales come amid the recent trend of payroll gains and other positive economic signs. Clearly, consumers continue to carry the economy, and conditions for the retail sector remain favorable as we move into the holiday season.”
Online retail sales surge in September 2024
Online and other nonstore sales increased 1.59% month over month in September 2024, according to NRF data. Compared to September 2023, they increased at about 10 times the monthly growth rate, climbing 15.21% year over year.
Meanwhile, nonstore retailer sales — which include online sales — grew 7.1% year over year in September, according to Census Bureau data.
Retail Monitor data shows that September 2024 online sales had the highest growth rate among categories CNBC and NRF track.
Sales dropped month over month in most categories
- September 2024 online and other nonstore sales (grew 1.59% month over month)
- Clothing and accessories stores (up 1.06%)
- Health and personal care stores (up 0.04%)
- Building and garden supply stores (down 1.82%)
- Electronics and appliance stores (down 0.6%)
- Furniture and home furnishings stores (down 1.5%)
- General merchandise stores (down 0.1%)
- Grocery and beverage stores (down 0.1%)
- Sporting goods, hobby, music and book stores (down 1.29%)
Sales grew year over year in most categories
- September 2024 online and other nonstore sales (up 15.21% year over year)
- Clothing and accessories stores (up 10.31%)
- General merchandise stores (up 2.09%)
- Grocery and beverage stores (up 0.42%)
- Health and personal care stores (up 4.82%)
- Building and garden supply stores (down 4.25%)
- Electronics and appliance stores (down 1.63%)
- Furniture and home furnishings stores (down 4.8%)
- Sporting goods, hobby, music and book stores (down 9.46%)
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