5 月美国零售数据环比增速大幅回落，关税对经济负面影响显现，耐用品消费更为疲弱。对等关税生效前，3 月美国消费者抢先大量采购，透支未来的消费需求，导致 4 月和 5 月的消费数据环比增速连续为负，5 月零售环比增速降至-0.9%。分项看，前期抢购较多的汽车（-3.5%）、建材（-2.7%）、家电（-0.6%）等耐用品消费环比增速降幅更为明显，也指向关税扰动下，美国家庭选择减少非必需品的支出。

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Department stores are large retail establishments that offer a wide variety of products organized into different sections or departments under one roof. These typically include categories such as clothing, cosmetics, home goods, electronics, and more. Known for providing a convenient one-stop shopping experience, department stores cater to diverse customer needs and often feature both branded and private-label merchandise.

Consumer stationery retailing refers to the sale of stationery products such as notebooks, pens, pencils, paper, planners, art supplies, and office accessories directly to individual customers through physical stores, online platforms, or catalogues.

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