As it turns out, January was for shopping.
Retail spending soared 5.3% last month compared to December, much more than anticipated, as U.S. families began receiving new federal coronavirus relief checks.
People bought more across the board last month, the Commerce Department : furniture, electronics, clothes, sports equipment, restaurant food, groceries.
In a replay of , hard-hit department stores saw the biggest gains. Spending there jumped 23.5% compared to December,still below what it was before the pandemic hit, but inching closer.
Overall, most retail categories have surged past and beyond their pre-pandemic levels. Only five remain down compared to January of last year: clothing stores (-11.1%), gas stations (-7.8%), electronics and appliance stores (-3.5%), department stores (-3%) and of course restaurants and bars (-16.6%).
Retail sales 鈥� which include spending on household goods and clothing, gasoline and cars, food and drink 鈥� are a key factor for U.S. economic health. In late 2020, this measure had declined for three months straight. Wednesday's report also revised to show a slightly deeper decline of 1%.
Here's where people were spending in January, compared to December, according to the Commerce Department data:
- Department stores: +23.5%
- Electronics and appliances stores: +14.7%
- Furniture and home furnishings: +12%
- Online retailers: +11%
- Sports, music and other hobby stores: +8%
- Restaurants and bars: +6.9%
- Big-box stores: +5.5%
- Clothing and accessories stores: +5%
- Home improvement and gardening stores: +4.6%
- Gas stations: +4%
- Grocery stores: +2.5%
- Pharmacies and other health/personal care stores: +1.3%
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