Consumer Spending: US Retail Sales Up +4.7% YoY in March, Mastercard Report Reveals

According to Mastercard SpendingPulse, which measures in-store and online retail sales across all forms of payment, U.S. retail sales excluding automotive “were up +4.7% year-over-year (YOY) in March.”

Mastercard SpendingPulse reportedly “reflects nominal spending and is not adjusted for inflation.”

At a national level, while nominal spending growth was “down slightly compared to February (+6.9% YOY), spending trends in March were consistent with those experienced earlier this year.”

E-commerce sales “were up +13.0% YOY and in-store sales were up +2.8% YOY. Lodging (+23.5%), Restaurants (+11.6%) and Grocery (+5.6%) were key drivers for the month’s year-over-year growth.”

On the other hand, Home Improvement, Home Furniture & Furnishings and Electronics sectors continued “to experience a dip in YOY growth as consumers prioritized experiences and essentials.”

Steve Sadove, senior advisor for Mastercard and former CEO and Chairman of Saks Incorporated, said:

“There are a number of factors influencing how today’s consumer is shopping including inflation, the labor market, food and gas prices, and the path of interest rates. But they’re still spending — we’re seeing varied growth sector by sector, with purchases largely shifting to necessities and experiences.”

As covered, 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. Insights are preliminary and subject to change.”

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 in the total retail sales figure.”

As mentioned in the update, 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, their innovations and solutions reportedly “help individuals, financial institutions, governments and businesses realize their greatest potential.”

With connections across more than 210 countries and territories, they are “building a sustainable world that unlocks priceless possibilities for all.”

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