Consumers Continue Shopping Spree in March
April 18, 06
Following strong retail industry sales in February, sales for March (excluding automobiles, gas stations, and restaurants) rose a solid 7.2 percent over last year and increased 0.3 percent seasonally adjusted over February. February sales rose 7.8 percent. According to the National Retail Federation (NRF), retail industry sales continue to climb as home improvement and furnishing categories continue to see significant increases. "In spite of economic concerns, consumers are still demonstrating their ability to spend," said NRF Chief Economist Rosalind Wells. "With gas prices continuing to rise and the slowdown in the housing market, we expect consumers to become more conservative as the year goes on." March retail sales, released today by the U.S. Commerce Department, show that total retail sales, which include non-general merchandise categories such as automobiles, gasoline stations, and restaurants, increased 0.6 percent seasonally adjusted from February and increased 7.9 percent unadjusted year-over-year. These increases were affected by consumers' investments in their homes and properties. Many retailers experienced year-over-year growth; however, no category performed better than building material and garden equipment and supplies dealers, increasing an astounding 17.4 percent unadjusted year-over-year. Furniture and home furnishings stores also benefited from consumers' buying power, with sales rising 10.8 percent unadjusted over last March. Health and personal care stores were also among the top retail performers, with increases of 5.9 percent unadjusted from the prior year, as well as sporting goods, hobby, and book & music stores with increases of 7.9 percent unadjusted from last year.