March’s retail sales rose 0.9% despite a 0.7% volume decline, above expectations for a 0.6% increase…

… on a 12% jump in sales at gas stations and fuel vendors, all of which was price driven - with volumes in the category down roughly 2% sequentially.

That drove a ~1% wallet share gain for non-discretionary spend, and with preliminary estimates calling for a 0.6% rise in April’s retail sales…

… the consumer “trade down” we highlighted previously looks set to continue.