CNBC/NRF Retail Monitor: Consumer spending stays strong in January

WASHINGTON — Retail sales continued their upward trend in January, marking the fourth straight month of sequential growth, according to the latest CNBC/NRF Retail Monitor released by the National Retail Federation and powered by Affinity Solutions.

Total retail sales, excluding automobile dealers and gasoline stations, rose 0.2% seasonally adjusted month over month and increased 5.72% year over year on an unadjusted basis. This compares to December’s gains of 1.26% month over month and 3.54% year over year.

“Consumers demonstrated continued resilience in January, showing moderate spending growth on the heels of record-high spending during the holiday season,” said NRF President and CEO Matthew Shay. “This was the fourth consecutive month that sales rose from the month before, and year-over-year gains were particularly strong. Consumer spending continues to drive the broader economy forward, supported by healthy household finances and real wage gains that have increased purchasing power. Retailers are doing their part by leveraging supply chains and new technologies to ensure that products remain affordable for American families.”

Core retail sales, which exclude restaurants as well as auto dealers and gas stations, increased by 0.15% month over month in January and rose 5.51% year over year. In December, core sales were up 1.6% month over month and 3.58% year over year.

January results follow a record-breaking November–December holiday season, which grew 4.1% year over year, according to Retail Monitor data released last month.

Unlike Census Bureau survey-based figures, the Retail Monitor relies on anonymized credit and debit card purchase data and does not require monthly or annual revisions.

Category Performance

On a year-over-year basis, sales increased in eight of nine tracked categories, with gains led by apparel, digital products and health and personal care. Month over month, four categories posted increases.

• Clothing and accessories stores rose 0.23% month over month and 9.39% year over year.
• Digital products, including electronic books and games, increased 1.22% month over month and 6.45% year over year.
• Health and personal care stores gained 0.66% month over month and 5.98% year over year.
• Grocery and beverage stores were up 0.37% month over month and 5.41% year over year.
• General merchandise stores slipped 0.05% month over month but advanced 5.46% year over year.
• Sporting goods, hobby, music and book stores declined 0.37% month over month while rising 4.94% year over year.
• Electronics and appliance stores dipped 0.18% month over month and increased 2.54% year over year.
• Furniture and home furnishings stores fell 0.31% month over month but grew 2.39% year over year.
• Building and garden supply stores decreased 0.15% month over month and were down 6.26% year over year.

The January data underscore continued consumer demand at the start of 2026, even as retailers lap strong holiday comparisons and navigate broader economic and policy headwinds.