Consumers ‘Seeking Value’ to ‘Stretch’ Their Dollars: NRF CEO
August sales through electronics and appliance stores were down 0.1% from July, seasonally adjusted, and 5.2% lower, unadjusted, from August 2021, reported the National Retail Federation Thursday. Overall August retail sales, excluding automobile dealers, gas stations and restaurants, were up…
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0.1% from July and 8% higher year over year, said NRF. Sales were up 7.3% year over year on NRF’s three-month moving average through August, it said. Sales were up 7.5% year over year for the first eight months of the year, on pace with NRF’s forecast that 2022 retail sales will grow 6%-8% over 2021, it said. “August retail sales show consumers’ resiliency to spend on household priorities despite persistent inflation and rising interest rates,” said NRF CEO Matthew Shay. “As we gear up for the holiday season, consumers are seeking value to make their dollars stretch.”