August Retail Gains Surprise Analysts, But Electronics Slip: NRF
Electronics and appliance store sales fell 3.1% in August from July, but overall retail surprised analysts with a 0.7% increase amid supply chain disruptions and COVID-19 concerns. Year on year, electronics and appliance sales were up 18% vs. 15.1% for…
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general retail, reported the National Retail Federation Thursday. “Retail sales in August overcame unusual twists and turns that have affected shopping behavior both in terms of the timing and composition of sales,” said NRF Chief Economist Jack Kleinhenz. Consumer shopping behavior remained “rock solid” despite macroeconomic headwinds including the tapering of government stimulus, elevated COVID-19 infections and shortages in labor and goods, Kleinhenz said. August sales were higher “even with a disjointed back-to-school season” as students returned to in-person classes but with some delays until after Labor Day. August results “pave the way for sturdy consumer spending” and a strong Q4, Kleinhenz said. For the first eight months of the year, retail sales grew 15% year on year, which NRF said is consistent with its forecast for 2021, revised in June (see 2106090064), for 10.5%-13.5% growth to $4.44 trillion-$4.56 trillion.