Retail Sales Boosted by Tax Refunds in March

Inflation and gas prices couldn't stop consumers from spending, according to new data.

Apr. 14, 2026 at 1:36pm

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A minimalist abstract illustration using simple geometric shapes and primary colors to represent the growth in retail sales in the United States.Retail sales continued to climb in March, as consumers spent despite economic pressures.Washington Today

Retail sales in the U.S. grew for the sixth consecutive month in March, boosted by larger tax refunds despite inflation and higher gas prices, according to the CNBC/NRF Retail Monitor. Total retail sales, excluding automobile dealers and gasoline stations, were up 0.4% month over month and 6.59% year over year in March.

Why it matters

The strong retail sales numbers, driven by tax refunds, suggest that consumers are still spending despite economic headwinds like high inflation and gas prices. This is a positive sign for the overall health of the U.S. economy.

The details

The Retail Monitor calculation of core retail sales (excluding restaurants, auto dealers, and gas stations) was up 0.41% month over month and 7.05% year over year in March. Sales increased in most major retail categories, including furniture and home furnishings, health and personal care, clothing, and sporting goods. The only categories to see declines were building and garden supply stores.

  • Retail sales grew for the sixth consecutive month in March 2026.
  • March 2026 sales were up 0.4% month over month and 6.59% year over year.

The players

CNBC/NRF Retail Monitor

A retail sales tracking index that uses anonymized credit and debit card purchase data compiled by Affinity Solutions, in contrast to the survey-based numbers collected by the Census Bureau.

Matthew Shay

President and CEO of the National Retail Federation (NRF), who commented on the retail sales data.

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What they’re saying

“Despite record low consumer sentiment and the highest inflation rate in two years, consumers continued to spend on household priorities. As consumers focus on costs, retailers remain laser-focused on keeping prices competitive and affordable.”

— Matthew Shay, President and CEO, National Retail Federation

The takeaway

The resilience of consumer spending in the face of economic headwinds suggests that the U.S. economy may be weathering the current challenges better than expected. Retailers will need to continue focusing on value and affordability to meet consumer demands.