Electronics-Store Sales Plunged 11.3% YoY in July, Says NRF
July retail sales through electronics and appliance stores were up 0.4% sequentially from June, but down 11.3% from July 2021, reported the National Retail Federation Wednesday. Online and other non-store sales were up 2.7% month over month and 18.1% higher…
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year over year, it said. Core retail sales as calculated by NRF rose in July even as overall sales reported by the Census Bureau remained flat on a monthly basis, said the association. Both calculations showed strong year-over-year gains as consumers kept shopping despite high inflation, it said. “Consumers are adapting to higher prices by prioritizing essentials like food and back-to-school items, and retailers are working hard to absorb the impact of higher costs and help customers stretch their hard-earned dollars,” said NRF CEO Matthew Shay. “However, policy measures like removing China tariffs, enacting smart immigration reform and investing in supply chain resiliency are needed to relieve inflationary pressure and lower costs for American families.”