A new report by the US Census Bureau has found that clothing retailers in the region saw a 0.4 percent drop in sales month-on-month in June, while sales were down by 0.2 percent in comparison to the same period last year.
However, overall retail sales in June was up one percent seasonally, and 8.4 percent year-over-year (YoY), compared with a 0.1 percent month-over-month decrease and 8.2 percent YoY increase in May.
Commenting on the data, president and CEO of the National Retail Federation (NRF) Matthew Shay said that the month’s retail sales data showed consumers “remain on solid footing despite reising prices”.
Shay continued: “Inflation has consumers modifying their spending behaviour and prioritising essentials like food, energy and back-to-school items. Unfortunately, modified consumer behaviour won’t be sufficient to offset persistent price increases.”
The CEO added that policy measures, such as removing China tariffs and investing in supply chain resiliency, are needed in order to lower costs.
Additionally, the report also noted that sporting goods stores were up 0.8 percent month-over-month, and 2.4 percent YoY, while health and personal care stores were down 0.1 percent.
