eCommerce: May Non-Store Retail Sales

Research evidence excerpt

eCommerce: May Non-Store Retail Sales

June 17, 2026

May Retail Sales Data

Earlier this morning, the U.S. Census Bureau reported May’s Non-store retail sales growth of +12.2% Y/Y vs.

April’s +11.0% Y/Y on a 102bps easier comp (Exhibit 1). On a M/M basis, Non-store retail sales grew +1.5% in

May, an acceleration from +1.1% M/M in April. Non-store penetration, a close proxy for eCommerce penetration,

grew 161bps Y/Y in May to 30.4% (of retail ex. restaurants, auto & gas), a new high watermark and slightly above

April’s 30.2% level (Exhibit 2). At a high level, we are encouraged to see resilient non-store sales growth, solid

penetration gains, and stronger broader retail sales with total retail growing +0.9% M/M.

EXHIBIT 1: US Non-Store Retail Sales Growth (% EXHIBIT 2: US Non-Store Retail Sales Penetration

Y/Y) (% of Retail ex. restaurants, auto & gas)

Note: Figures shown represent seasonally adjusted estimates Note: Figures shown represent seasonally adjusted estimates

Source: Wolfe Research, US Census Bureau Source: Wolfe Research, US Census Bureau

Digging one layer deeper, we analyze particular categories that are most relevant to our coverage, specifically

eCommerce companies. Home furnishings, which has shown persistent growth recovery following sustained

pressure in 2024, declined to -1.2% Y/Y in May vs. -3.5% Y/Y in April on a 264bps easier comp (Exhibit 3). On

a M/M basis, Home Furnishings grew +1.0% in May vs. -1.5% in April. Elsewhere, Apparel which is a major

eCommerce category, grew +5.7% Y/Y in May, remaining flat vs +5.7% in April on a 95bps easier comp (Exhibit

4). On a M/M basis, Apparel grew +0.3% in May vs. -0.6% M/M in April.

EXHIBIT 3: Home Furnishings Retail Sales Growth EXHIBIT 4: Apparel Retail Sales Growth (% Y/Y)

(% Y/Y)