Retail sales fall 1.3 percent in May as consumers shift from pandemic favorites
By Sylvan Lane - 06/15/21 11:28 AM EDT
Retail and food services sales fell slightly in May as consumers shifted spending away from goods and towards experiences that were limited during the coronavirus pandemic, according to new federal data.
Monthly sales by retailers fell 1.3 percent in May, according to the advance estimate released Tuesday by Census Bureau, but remained 28.1 percent above their level a year ago. The figures are adjusted for seasonal factors but not price changes.
Much of May’s decline in retail sales came from sectors and industries that had led the start of the recovery from the coronavirus recession. Sales by building materials and garden equipment stores fell 5.9 percent, sales by electronic and appliance stores fell 3.4 percent, and furniture and home goods suppliers saw a 2.1 percent decline in May. Sales by motor vehicle dealers and auto parts stores also fell 3.7 percent.
Spending on goods from those sectors remains far above May 2020 levels, but has fallen off as the reopening of the economy and supply constraints push consumer spending toward other sectors.
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https://thehill.com/policy/finance/558493-retail-sales-fall-13-percent-in-may-as-consumers-shift-from-pandemic-favorites
