Credit Cards and Tax Refunds Drive May Retail Sales Growth

Macro
โดย WWD·Read original
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Consumers fueled by credit cards and tax refunds pushed in-store sales at apparel and accessories specialty stores up 5.7 percent year-over-year to $26.8 billion in May, while department store sales rose 1.9 percent to $3.3 billion, according to the Census Bureau. Revolving consumer credit, mostly credit cards, grew at a 10.4 percent annual pace in April as borrowers added $14.2 billion to their balances. UBS analyst Michael Lasser warned that spending may become more episodic and event-driven, with higher energy costs shifting spending away from discretionary categories, though a potential resolution in the Middle East could lower fuel prices and provide relief. E-commerce remained a bigger drain than gas prices, with non-store retailers gaining an additional $15.2 billion compared to a $13.3 billion increase at the pump. The May Consumer Price Index for apparel rose 4.8 percent year-over-year, leaving department stores in negative territory and specialty stores with only a modest gain.

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