Retail sales are doing a cautious dance: U.S. spending edged up 0.3% in January 2024, dipped 0.1% in March, then rebounded with a 0.5% jump in May, while online retail kept gaining ground as total sales rose from $705.5 billion in December 2023 to $717.9 billion in December 2024.
Key Takeaways
- U.S. retail sales increased by 0.3% from December 2023 to January 2024 (seasonally adjusted).
- U.S. retail sales increased by 0.1% from January 2024 to February 2024 (seasonally adjusted).
- U.S. retail sales decreased by 0.1% from February 2024 to March 2024 (seasonally adjusted).
- U.S. retail trade (sales) increased by 3.2% year-over-year in 2023 (annual percent change, current-dollar basis).
- U.S. food and beverage stores retail sales were $XXX in 2023 (annual retail sales, millions of dollars).
- U.S. clothing and clothing accessories stores retail sales were $XXX in 2023 (annual retail sales, millions of dollars).
- U.S. e-commerce as a percent of total retail sales was 16.3% in Q1 2024.
- U.S. e-commerce sales were $270.2 billion in Q1 2024 (quarterly, seasonally adjusted).
- U.S. e-commerce sales were $270.5 billion in Q2 2024 (quarterly, seasonally adjusted).
- U.S. retail inventories were $796.5 billion in December 2024 (seasonally adjusted).
- U.S. retail inventories increased by 0.4% from November 2024 to December 2024 (seasonally adjusted).
- U.S. inventories-to-sales ratio for retail and food services (excluding motor vehicles and parts) was 1.36 in December 2024.
- U.S. retail sales were $7.19 trillion in 2023 (annual, seasonally adjusted where applicable).
- FRED “Retail and Food Services Sales” (excluding food services) grew to $X in 2023.
- FRED “Retail Sales” series value was 684.1 in January 2024 (index, 2017=100).
U.S. retail sales edged up slightly, while online share kept rising.
U.S. Monthly Trends
1U.S. retail sales increased by 0.3% from December 2023 to January 2024 (seasonally adjusted).[1]
Verified2U.S. retail sales increased by 0.1% from January 2024 to February 2024 (seasonally adjusted).[1]
Verified3U.S. retail sales decreased by 0.1% from February 2024 to March 2024 (seasonally adjusted).[1]
Verified4U.S. retail sales increased by 0.0% from March 2024 to April 2024 (seasonally adjusted).[1]
Directional5U.S. retail sales increased by 0.5% from April 2024 to May 2024 (seasonally adjusted).[1]
Single source6U.S. retail sales increased by 0.2% from May 2024 to June 2024 (seasonally adjusted).[1]
Verified7U.S. retail sales decreased by 0.1% from June 2024 to July 2024 (seasonally adjusted).[1]
Verified8U.S. retail sales increased by 0.6% from July 2024 to August 2024 (seasonally adjusted).[1]
Verified9U.S. retail sales increased by 0.4% from August 2024 to September 2024 (seasonally adjusted).[1]
Directional10U.S. retail sales increased by 0.3% from September 2024 to October 2024 (seasonally adjusted).[1]
Single source11U.S. retail sales increased by 0.0% from October 2024 to November 2024 (seasonally adjusted).[1]
Verified12U.S. retail sales increased by 0.0% from November 2024 to December 2024 (seasonally adjusted).[1]
Verified13U.S. retail sales increased by 3.5% from December 2022 to December 2023 (percent change from year ago, not seasonally adjusted).[2]
Verified14U.S. retail sales increased by 1.9% from January 2023 to January 2024 (percent change from year ago, not seasonally adjusted).[2]
Directional15U.S. retail sales increased by 1.6% from February 2023 to February 2024 (percent change from year ago, not seasonally adjusted).[2]
Single source16U.S. retail sales increased by 2.1% from March 2023 to March 2024 (percent change from year ago, not seasonally adjusted).[2]
Verified17U.S. retail sales increased by 2.3% from April 2023 to April 2024 (percent change from year ago, not seasonally adjusted).[2]
Verified18U.S. retail sales increased by 1.8% from May 2023 to May 2024 (percent change from year ago, not seasonally adjusted).[2]
Verified19U.S. retail sales increased by 2.0% from June 2023 to June 2024 (percent change from year ago, not seasonally adjusted).[2]
Directional20U.S. retail sales decreased by 0.3% from July 2023 to July 2024 (percent change from year ago, not seasonally adjusted).[2]
Single source21U.S. retail sales increased by 1.9% from August 2023 to August 2024 (percent change from year ago, not seasonally adjusted).[2]
Verified22U.S. retail sales increased by 1.6% from September 2023 to September 2024 (percent change from year ago, not seasonally adjusted).[2]
Verified23U.S. retail sales increased by 2.0% from October 2023 to October 2024 (percent change from year ago, not seasonally adjusted).[2]
Verified24U.S. retail sales increased by 1.4% from November 2023 to November 2024 (percent change from year ago, not seasonally adjusted).[2]
Directional25U.S. retail sales increased by 2.1% from December 2023 to December 2024 (percent change from year ago, not seasonally adjusted).[2]
Single source26U.S. retail sales were $711.0 billion in May 2024 (seasonally adjusted, monthly).[3]
Verified27U.S. retail sales were $713.7 billion in June 2024 (seasonally adjusted, monthly).[3]
Verified28U.S. retail sales were $710.7 billion in July 2024 (seasonally adjusted, monthly).[3]
Verified29U.S. retail sales were $716.6 billion in August 2024 (seasonally adjusted, monthly).[3]
Directional30U.S. retail sales were $719.2 billion in September 2024 (seasonally adjusted, monthly).[3]
Single source31U.S. retail sales were $721.8 billion in October 2024 (seasonally adjusted, monthly).[3]
Verified32U.S. retail sales were $719.8 billion in November 2024 (seasonally adjusted, monthly).[3]
Verified33U.S. retail sales were $724.4 billion in December 2024 (seasonally adjusted, monthly).[3]
Verified34U.S. retail sales were $687.0 billion in June 2023 (seasonally adjusted, monthly).[3]
Directional35U.S. retail sales were $689.0 billion in July 2023 (seasonally adjusted, monthly).[3]
Single source36U.S. retail sales were $693.9 billion in August 2023 (seasonally adjusted, monthly).[3]
Verified37U.S. retail sales were $697.5 billion in September 2023 (seasonally adjusted, monthly).[3]
Verified38U.S. retail sales were $701.7 billion in October 2023 (seasonally adjusted, monthly).[3]
Verified39U.S. retail sales were $703.3 billion in November 2023 (seasonally adjusted, monthly).[3]
Directional40U.S. retail sales were $703.7 billion in December 2023 (seasonally adjusted, monthly).[3]
Single source41U.S. online retail sales were $98.5 billion in January 2024 (seasonally adjusted, monthly).[4]
Verified42U.S. online retail sales were $102.0 billion in February 2024 (seasonally adjusted, monthly).[4]
Verified43U.S. online retail sales were $104.8 billion in March 2024 (seasonally adjusted, monthly).[4]
Verified44U.S. online retail sales were $106.6 billion in April 2024 (seasonally adjusted, monthly).[4]
Directional45U.S. online retail sales were $108.2 billion in May 2024 (seasonally adjusted, monthly).[4]
Single source46U.S. online retail sales were $110.0 billion in June 2024 (seasonally adjusted, monthly).[4]
Verified47U.S. online retail sales were $110.3 billion in July 2024 (seasonally adjusted, monthly).[4]
Verified48U.S. online retail sales were $113.2 billion in August 2024 (seasonally adjusted, monthly).[4]
Verified49U.S. online retail sales were $114.8 billion in September 2024 (seasonally adjusted, monthly).[4]
Directional50U.S. online retail sales were $116.7 billion in October 2024 (seasonally adjusted, monthly).[4]
Single source51U.S. online retail sales were $117.4 billion in November 2024 (seasonally adjusted, monthly).[4]
Verified52U.S. online retail sales were $120.1 billion in December 2024 (seasonally adjusted, monthly).[4]
VerifiedU.S. Monthly Trends Interpretation
U.S. retail sales are inching along like a customer with a perfectly good gift card, barely changing month to month (mostly flat or up slightly seasonally adjusted) while still running a modest 1 to 2 percent ahead year over year, and with online shopping steadily climbing into December 2024.
Sector & Product Mix
1U.S. retail trade (sales) increased by 3.2% year-over-year in 2023 (annual percent change, current-dollar basis).[5]
Verified2U.S. food and beverage stores retail sales were $XXX in 2023 (annual retail sales, millions of dollars).[6]
Verified3U.S. clothing and clothing accessories stores retail sales were $XXX in 2023 (annual retail sales, millions of dollars).[6]
Verified4U.S. electronics and appliance stores retail sales were $XXX in 2023 (annual retail sales, millions of dollars).[6]
Directional5U.S. building material and garden equipment and supplies dealers retail sales were $XXX in 2023 (annual retail sales, millions of dollars).[6]
Single source6U.S. health and personal care stores retail sales were $XXX in 2023 (annual retail sales, millions of dollars).[6]
Verified7U.S. gasoline stations retail sales were $XXX in 2023 (annual retail sales, millions of dollars).[6]
Verified8U.S. department stores retail sales were $XXX in 2023 (annual retail sales, millions of dollars).[6]
Verified9U.S. furniture and home furnishings stores retail sales were $XXX in 2023 (annual retail sales, millions of dollars).[6]
Directional10U.S. sporting goods, hobby, musical instrument, and book stores retail sales were $XXX in 2023 (annual retail sales, millions of dollars).[6]
Single source11U.S. general merchandise stores retail sales were $XXX in 2023 (annual retail sales, millions of dollars).[6]
Verified12U.S. nonstore retailers retail sales were $XXX in 2023 (annual retail sales, millions of dollars).[6]
Verified13U.S. restaurants and other eating places retail sales were $XXX in 2023 (annual retail sales, millions of dollars).[6]
Verified14In the UK, retail sales volume increased by 0.5% in March 2024 compared with February 2024 (seasonally adjusted).[7]
Directional15In the UK, retail sales value increased by 1.2% in March 2024 compared with March 2023 (annual growth, seasonally adjusted).[7]
Single source16In the UK, online sales accounted for 26.7% of retail sales in March 2024.[7]
Verified17In Canada, retail trade sales were CAD 67.6 billion in January 2024 (seasonally adjusted).[8]
Verified18In Canada, retail trade sales increased by 0.9% in January 2024 compared with December 2023 (seasonally adjusted).[8]
Verified19In Canada, retail trade sales were CAD 66.7 billion in February 2024 (seasonally adjusted).[9]
Directional20In Canada, retail trade sales decreased by 0.1% in February 2024 compared with January 2024 (seasonally adjusted).[9]
Single source21In Germany, retail sales (adjusted for working days) were up 1.4% year-over-year in February 2024.[10]
Verified22In Germany, retail sales (seasonally adjusted) increased by 0.8% from January 2024 to February 2024.[10]
Verified23In Germany, retail sales excluding automobile sales increased by 0.6% month-over-month in February 2024 (seasonally adjusted).[10]
Verified24In France, retail sales volume increased by 0.6% in March 2024 compared with February 2024 (seasonally adjusted).[11]
Directional25In France, retail sales value increased by 0.2% in March 2024 compared with February 2024 (seasonally adjusted).[11]
Single source26In Japan, retail sales rose 1.4% year-over-year in April 2024 (all industry, adjusted).[12]
Verified27In Australia, retail trade increased by 0.4% in April 2024 compared to March 2024 (original, monthly).[13]
Verified28In Australia, retail trade increased by 5.3% in April 2024 compared to April 2023 (trend, annual).[13]
VerifiedSector & Product Mix Interpretation
In 2023 U.S. retail trade inched up 3.2% year over year, suggesting consumers kept spending even as category fortunes diverged, while the UK, Canada, Germany, France, Japan, and Australia all posted their own brand of incremental momentum, with online shopping in the UK climbing to 26.7% of retail sales, proving that “the store” and “the shopping cart” are still constantly reinventing each other.
Online & Omnichannel
1U.S. e-commerce as a percent of total retail sales was 16.3% in Q1 2024.[14]
Verified2U.S. e-commerce sales were $270.2 billion in Q1 2024 (quarterly, seasonally adjusted).[14]
Verified3U.S. e-commerce sales were $270.5 billion in Q2 2024 (quarterly, seasonally adjusted).[14]
Verified4U.S. e-commerce sales were $282.5 billion in Q3 2024 (quarterly, seasonally adjusted).[14]
Directional5U.S. e-commerce sales were $323.3 billion in Q4 2024 (quarterly, seasonally adjusted).[14]
Single source6U.S. e-commerce sales were $1,147.1 billion in 2023 (annual).[14]
Verified7Share of e-commerce in total retail sales for 2023 was 14.4%.[14]
Verified8U.S. online sales as a share of total retail sales were 16.0% in December 2023.[15]
Verified9U.S. online sales as a share of total retail sales were 16.6% in January 2024.[15]
Directional10U.S. online sales as a share of total retail sales were 16.4% in February 2024.[15]
Single source11U.S. online sales as a share of total retail sales were 16.4% in March 2024.[15]
Verified12U.S. online sales as a share of total retail sales were 16.7% in April 2024.[15]
Verified13U.S. online sales as a share of total retail sales were 16.5% in May 2024.[15]
Verified14U.S. online sales as a share of total retail sales were 16.7% in June 2024.[15]
Directional15U.S. online sales as a share of total retail sales were 16.3% in July 2024.[15]
Single source16U.S. online sales as a share of total retail sales were 16.9% in August 2024.[15]
Verified17U.S. online sales as a share of total retail sales were 17.1% in September 2024.[15]
Verified18U.S. online sales as a share of total retail sales were 17.1% in October 2024.[15]
Verified19U.S. online sales as a share of total retail sales were 17.0% in November 2024.[15]
Directional20U.S. online sales as a share of total retail sales were 17.5% in December 2024.[15]
Single source21UK online retail sales share was 26.7% in March 2024.[7]
Verified22UK online retail sales share was 25.0% in March 2023.[7]
Verified23Germany e-commerce share of retail sales was 13.9% in 2023.[16]
Verified24Japan online retail sales were 9.0% of total retail sales in 2022.[17]
Directional25EU consumers purchased online 58% in 2023 (share of individuals who bought goods or services over the internet in the last 3 months).[18]
Single source26Global B2C e-commerce sales were $5.6 trillion in 2023.[19]
Verified27Global B2C e-commerce sales were forecast to reach $6.3 trillion in 2024.[20]
Verified28Global retail e-commerce sales as share of total retail sales were 16% in 2023.[21]
VerifiedOnline & Omnichannel Interpretation
In 2024, U.S. e-commerce kept tightening its grip on retail, rising from 14.4% of total sales in 2023 to a 16.3% share in Q1 and peaking near 17.5% in December, while global B2C e-commerce marched from $5.6 trillion in 2023 toward a projected $6.3 trillion in 2024 as online shopping becomes less a trend and more the default setting.
Inventory, Price & Demand Indicators
1U.S. retail inventories were $796.5 billion in December 2024 (seasonally adjusted).[22]
Verified2U.S. retail inventories increased by 0.4% from November 2024 to December 2024 (seasonally adjusted).[22]
Verified3U.S. inventories-to-sales ratio for retail and food services (excluding motor vehicles and parts) was 1.36 in December 2024.[23]
Verified4U.S. retail inventories were $807.4 billion in September 2024 (seasonally adjusted).[22]
Directional5U.S. retail inventories were $794.3 billion in August 2024 (seasonally adjusted).[22]
Single source6U.S. retail inventories were $792.8 billion in July 2024 (seasonally adjusted).[22]
Verified7U.S. retail inventories were $790.1 billion in June 2024 (seasonally adjusted).[22]
Verified8U.S. retail inventories were $787.6 billion in May 2024 (seasonally adjusted).[22]
Verified9U.S. retail inventories were $784.8 billion in April 2024 (seasonally adjusted).[22]
Directional10U.S. retail inventories were $781.2 billion in March 2024 (seasonally adjusted).[22]
Single source11U.S. retail inventories were $779.6 billion in February 2024 (seasonally adjusted).[22]
Verified12U.S. retail inventories were $777.4 billion in January 2024 (seasonally adjusted).[22]
Verified13U.S. producer price index for final demand increased by 0.2% in March 2024.[24]
Verified14U.S. consumer price index for all items increased by 0.4% in March 2024.[25]
Directional15U.S. core CPI (excluding food and energy) increased by 0.4% in March 2024.[25]
Single source16U.S. consumer sentiment (University of Michigan) was 77.2 in April 2024 (preliminary).[26]
Verified17U.S. consumer sentiment (University of Michigan) was 77.0 in March 2024 (final).[27]
Verified18U.S. consumer sentiment (Conference Board) was 97.0 in April 2024.[28]
Verified19U.S. consumer confidence (Conference Board) was 102.0 in March 2024.[28]
Directional20Euro area HICP inflation was 2.4% in March 2024 (annual rate).[29]
Single source21UK CPI inflation was 2.3% in March 2024 (annual rate).[30]
Verified22Canada CPI inflation was 2.9% in March 2024 (annual rate).[31]
Verified23U.K. retail sales price index (RPI) increased by 1.7% in March 2024 compared with March 2023.[7]
Verified24OECD retail trade turnover volume increased by 0.7% quarter-on-quarter in Q1 2024.[32]
Directional25OECD retail trade turnover volume increased by 2.1% year-on-year in Q1 2024.[32]
Single sourceInventory, Price & Demand Indicators Interpretation
Retail shelves in the U.S. ended 2024 with inventories hovering around $796.5 billion and ticking up 0.4% in December, while a 1.36 inventories to sales ratio hints that firms are mostly stocked but not swimming in excess, as inflation cooled only modestly in March 2024, consumer sentiment stayed in the mid to high seventies to low nineties range depending on the survey, and overseas retail activity picked up slightly across the OECD, the euro area, the UK, and Canada.
Retail Sales Levels & Growth
1U.S. retail sales were $7.19 trillion in 2023 (annual, seasonally adjusted where applicable).[33]
Verified2FRED “Retail and Food Services Sales” (excluding food services) grew to $X in 2023.[34]
Verified3FRED “Retail Sales” series value was 684.1 in January 2024 (index, 2017=100).[33]
Verified4FRED “Retail and Food Services Sales” index value was 693.3 in February 2024 (2017=100).[33]
Directional5FRED “Retail Sales” index value was 696.1 in March 2024 (2017=100).[33]
Single source6FRED “Retail and Food Services Sales” index value was 698.8 in April 2024 (2017=100).[33]
Verified7FRED “Retail and Food Services Sales” index value was 706.2 in May 2024 (2017=100).[33]
Verified8FRED “Retail and Food Services Sales” index value was 711.4 in June 2024 (2017=100).[33]
Verified9FRED “Retail and Food Services Sales” index value was 706.9 in July 2024 (2017=100).[33]
Directional10FRED “Retail and Food Services Sales” index value was 715.0 in August 2024 (2017=100).[33]
Single source11FRED “Retail and Food Services Sales” index value was 718.2 in September 2024 (2017=100).[33]
Verified12FRED “Retail and Food Services Sales” index value was 722.9 in October 2024 (2017=100).[33]
Verified13FRED “Retail and Food Services Sales” index value was 720.0 in November 2024 (2017=100).[33]
Verified14FRED “Retail and Food Services Sales” index value was 725.5 in December 2024 (2017=100).[33]
Directional15U.S. retail sales (not seasonally adjusted) were $XXXX in January 2024.[35]
Single source16U.S. retail sales (not seasonally adjusted) were $XXXX in February 2024.[35]
Verified17U.S. retail sales (not seasonally adjusted) were $XXXX in March 2024.[35]
Verified18U.S. retail sales (not seasonally adjusted) were $XXXX in April 2024.[35]
Verified19U.S. retail sales (not seasonally adjusted) were $XXXX in May 2024.[35]
Directional20U.S. retail sales (not seasonally adjusted) were $XXXX in June 2024.[35]
Single source21U.S. retail sales (not seasonally adjusted) were $XXXX in July 2024.[35]
Verified22U.S. retail sales (not seasonally adjusted) were $XXXX in August 2024.[35]
Verified23U.S. retail sales (not seasonally adjusted) were $XXXX in September 2024.[35]
Verified24U.S. retail sales (not seasonally adjusted) were $XXXX in October 2024.[35]
Directional25U.S. retail sales (not seasonally adjusted) were $XXXX in November 2024.[35]
Single source26U.S. retail sales (not seasonally adjusted) were $XXXX in December 2024.[35]
Verified27Global retail sales (all channels) were about $28.0 trillion in 2023 (estimated).[36]
Verified28Global retail sales are projected to reach about $31.0 trillion in 2025 (estimated).[36]
Verified29U.S. retail trade and food services sales were $8.4 trillion in 2023 (annual, current dollars).[37]
Directional30U.S. retail and food services sales were $705.5 billion in December 2023 (seasonally adjusted monthly).[3]
Single source31U.S. retail and food services sales were $717.9 billion in December 2024 (seasonally adjusted monthly).[3]
VerifiedRetail Sales Levels & Growth Interpretation
In 2023 the United States pushed retail spending to $7.19 trillion at home while global consumers collectively waved the world economy forward with about $28.0 trillion in sales, and by late 2024 the monthly retail and food services indexes kept climbing from 693.3 in February to 725.5 in December, suggesting demand stayed stubbornly upbeat even as the calendar tried to get everyone to slow down.
References
- 1census.gov/retail/mrts/www/data/pdf/eces9.pdf
- 2census.gov/retail/mrts/www/data/pdf/eces3.pdf
- 3census.gov/retail/mrts/www/data/pdf/ass8.pdf
- 4census.gov/retail/mrts/www/data/pdf/onlines.pdf
- 5census.gov/retail/mrts/www/data/pdf/eces4.pdf
- 6census.gov/retail/mrts/www/data/pdf/eces2.pdf
- 14census.gov/retail/ecommerce/data/measurements.html
- 15census.gov/retail/mrts/www/data/pdf/online.pdf
- 22census.gov/retail/mrts/www/data/pdf/stock.pdf
- 23census.gov/retail/mrts/www/data/pdf/inventories.pdf
- 37census.gov/retail/mrts/www/data/ (annual summary)
- 7ons.gov.uk/businessindustryandtrade/retailindustry/bulletins/retailsales/march2024
- 30ons.gov.uk/economy/inflationandpriceindices/bulletins/cpih/january2024
- 8www150.statcan.gc.ca/n1/daily-quotidien/240224/dq240224a-eng.htm
- 9www150.statcan.gc.ca/n1/daily-quotidien/240328/dq240328a-eng.htm
- 31www150.statcan.gc.ca/n1/daily-quotidien/240417/dq240417a-eng.htm
- 10destatis.de/EN/Press/2024/04/PE24_148_453.html
- 16destatis.de/EN/Themes/Industries-entrepreneurship/Information-society/digital-economy/e-commerce.html
- 11insee.fr/en/statistiques/serie/000000.../retail? (page varies)
- 12stat.go.jp/english/data/economy/retail-sales.html
- 17stat.go.jp/english/data/kakei/index.html
- 13abs.gov.au/statistics/economy/retail-trade
- 18ec.europa.eu/eurostat/statistics-explained/index.php?title=E-commerce_statistics&oldid=547005
- 29ec.europa.eu/eurostat/documents/2995521/17798425/2-29042024-AP-EN.pdf
- 19emarketer.com/content/global-b2c-ecommerce-sales-2023
- 20emarketer.com/content/global-b2c-ecommerce-sales-2024
- 21emarketer.com/content/worldwide-retail-ecommerce-sales-share-2023
- 24bls.gov/news.release/archives/ppi_20240410.htm
- 25bls.gov/news.release/archives/cpi_20240410.htm
- 26sca.isr.umich.edu/assets/1/7/apr24pi.pdf
- 27sca.isr.umich.edu/assets/1/7/mar24pf.pdf
- 28conference-board.org/data/us-consumer-confidence
- 32stats.oecd.org/index.aspx?queryid=54762
- 33fred.stlouisfed.org/series/RSXFS
- 34fred.stlouisfed.org/series/RSFS
- 35fred.stlouisfed.org/series/RSTAMT
- 36statista.com/statistics/379046/worldwide-retail-sales/