According to Mastercard (NASDAQ: MQ) SpendingPulseTM, which measures in-store and online retail sales across all forms of payment, Canadian retail sales, “excluding automotive, increased +3.8% YOY, (+15.6% YO3Y) in November.”
While E-commerce sales were :down this month -3% YOY, growth remains strong since pre-pandemic at +56.2% YO3Y.” In-store sales in November “were up +5.3% YOY (+7.3% YO3Y). Mastercard SpendingPulse accounts for nominal spending and is not adjusted for inflation.”
Steve Sadove, senior advisor for Mastercard and former CEO and Chairman of Saks Incorporated, said:
“While Canadians are navigating today’s economic challenges, impacting how they make purchasing decisions, there has been continued spend on discretionary purchases this holiday season. Even during an unpredictable time, Canadians are out spending with growth in certain sectors like Restaurants and Fuel & Convenience.”
Canadian retail sales “on Black Friday (November 25) were up +5.6% YOY, with Apparel (+6.6% YOY) and Electronics (+5.8% YOY) among the sectors showing sales growth.” In-Store sales saw “an increase in spend at +7.5% YOY on Black Friday, indicating a strong return to in-person shopping this holiday season.”
As noted in the update, Mastercard SpendingPulse “reports on national retail sales across all payment types in select markets around the world.”
The findings are “based on aggregate sales activity in the Mastercard payments network, coupled with survey-based estimates for certain other payment forms, such as cash and check. Mastercard SpendingPulse defines ‘U.S. retail sales’ as sales at retailers and food services merchants of all sizes.”
Sales activity “within the services sector (for example, travel services such as airlines and lodging) are not included.”
As covered, Mastercard is “a global technology company in the payments industry.”
Their mission is “to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible.”
Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses “realize their greatest potential.”
Their decency quotient, or DQ, drives their culture and everything they do inside and outside of their company.
With connections across more than 210 countries and territories, they are “building a sustainable world that unlocks priceless possibilities for all.”