Bargain-hunting shoppers boost sales in July: report

Large-scale sales events at the beginning of the school year put some consumers in a back-to-school mood because they, too, were able to take advantage of promotions.

The latest insights from the National Retail Federation confirmed that some shoppers have gotten into a back-to-school rhythm early this year. They attributed their shopping behavior to an ongoing search for value in a market still marked by economic uncertainty.

Summarizing, NRF President and CEO Matthew Shay: “The July data reflects what we’re seeing across the economy, that while consumers remain cautious, they’re still spending money on essentials when they find value. Labor market trends have softened recently and interest rates remain high, but economic fundamentals are intact, with inflation falling to near zero for goods even as services prices remain high. July sales were likely boosted by back-to-school and back-to-college spending, which was reflected in earnings at retailers selling everything from clothing and crayons to computers and dorm supplies.”

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New CNBC/NRF Retail Monitor results showed a modest 0.95% increase in core retail sales in July, excluding gasoline, autos and restaurants. Grocery sales rose 0.6% from the previous month and were up 0.47% from July 2023, reflecting a climate of caution.