Consumers Stocking Up Before Expected Tariffs

Checkout lines were apparently busier than usual in most types of stores during April, the latest CNBC/NRF Retail Monitor concludes. More specifically, retail sales grew for the month as many consumers moved up buying to avoid the higher prices expected to come with tariffs, the report found.

“Spending rose again in April, driven largely by consumers continuing to pull purchases forward to stay ahead of tariffs that will inevitably lead to higher prices,” said NRF President and CEO Matthew Shay. “Despite declines in confidence caused by the economic uncertainty that has come with tariffs, consumer fundamentals remain intact, supported by low unemployment, slower-but-steady income growth and solid household finances. Consumers maintain their ability to spend and have strong reasons to spend now before tariffs can drive up prices or cause shortages on store shelves.”

In addition to strong tariff-driven spending, year-over-year comparisons were likely boosted because Easter fell in April this year, after falling in March last year, the report noted.

Total sales were up 5.08% year-over-year for the first four months of 2025 and core sales were up 5.5%. The monitor also showed that April sales were up in eight out of nine categories on a yearly basis, led by digital products, electronics/appliance stores and grocery/beverage stores. General merchandise was the lone category that fell.

Click here for more from the CNBC/NRF survey.