US Retail Sales Rise for Seventh Straight Month in April

US retail sales continued their upward trend in April despite high gas prices and persistent inflation, signalling resilient consumer spending in the world’s largest retail market.
According to the CNBC/NRF Retail Monitor powered by Affinity Solutions, total retail sales excluding automobile dealers and gasoline stations rose 0.34% month-on-month and 5.73% year-on-year in April. Core retail sales also increased 0.34% month-on-month and 5.53% annually.
“Retail sales continued to grow in April despite higher gas prices driven by the ongoing conflict in Iran, cautious consumer sentiment and the persistent concerns about sustained inflation,” NRF President and CEO Matthew Shay said.
“Spending on household priorities remains solid, supported by a steady labour market, wage growth and a significant influx of cash from tax refunds. While consumers are mindful on costs, retailers are working hard to keep everyday goods affordable for American families.”
The steady growth in discretionary spending categories is being closely tracked by India’s gem and jewellery exporters, given the US market’s importance to the sector.