US retail sales up more than 40% since 2020 in dollars, under 20% after inflation
US retail and food services sales reached $773.9 billion in August, up 1.2% from July and 6.0% from a year earlier, per Census Bureau advance estimates. Since January 2020, nominal sales are up more than 40%, but under 20% once adjusted for inflation. Source: Statista
US consumers keep spending, but much of the growth in retail sales since the pandemic comes from higher prices rather than larger volumes. According to advance estimates published by the US Census Bureau on Sept. 16, retail and food services sales, which cover spending in stores, online and in restaurants, totaled $773.9 billion in August 2026. That is 1.2% more than in July and 6.0% more than in August 2025. Consumer prices rose 0.4% over the same month, which leaves a real increase of about 0.8%. On a twelve-month basis, sales growth of 6.0% compares with consumer price inflation of 3.4%. The longer view looks different. Measured in current dollars, retail and food services sales are up more than 40% since January 2020 on a seasonally adjusted basis. Adjusted for inflation, the cumulative increase is below 20%, and real sales have moved little since 2021. In other words, households have largely held their purchases steady while paying considerably more for them. The August figures are advance estimates and can still be revised. The Census Bureau also published revised historical monthly data on Sept. 28 based on its annual survey results. Source: Statista