Mastercard SpendingPulse: U.S. Retail Sales in June Reflect Rising Prices for Essentials, Continued Leisure Spending
July 07 2022 - 9:09AM
Business Wire
According to Mastercard SpendingPulseTM, which measures in-store
and online retail sales across all forms of payment, U.S. consumer
retail spending excluding automotive increased +9.5% year-over-year
(YOY) in June, while retail sales excluding auto and gas rose +6.1%
YOY. Rising prices—particularly for necessities such as food and
fuel—were a contributing factor, as Mastercard SpendingPulse
reflects nominal spending and is not adjusted for inflation.
Excluding auto and gas, in-store spending is up +11.7% YOY in June,
and while e-commerce grew at a slower pace this month (+1.1% YOY),
sales for e-commerce remain roughly double June 2019 levels.
Nominal spending growth is down slightly compared to May, though
remains consistent with growth levels seen earlier in 2022.
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As inflation persists, consumers are paying more for essentials.
Two of the categories that have higher inflation have seen a lift
in sales: June sales for Fuel & Convenience are up +42.1% YOY/
+55.7% YO3Y and Grocery +14% YOY/ +24.8% YO3Y.
Meanwhile, discretionary spending continued to drive growth
across the fashion-forward sectors in June, including Jewelry
+16.2% YOY/ +86.6% YO3Y, Luxury +4%/ +54% YO3Y and Department
Stores +8.6% YOY/ +21.4% YO3Y. And with summer in full swing,
consumers continue to spend on travel experiences: Airline and
Lodging are both up +18.2% YOY/ +7.3% YO3Y and +33.7% YOY/ 30.4%
YO3Y, respectively.
“Sector by sector, we’re seeing a varied picture of how
inflation is impacting essential vs discretionary consumer
spending,” said Steve Sadove, senior advisor for Mastercard and
former CEO and Chairman of Saks Incorporated. “One notable
highlight is that travel sectors such as airlines and lodging
continue to show signs of strong demand.”
About Mastercard SpendingPulse 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. As such, SpendingPulse™ insights do not in any way
contain, reflect or relate to actual Mastercard operational or
financial performance, or specific payment-card-issuer data.
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.
About Mastercard (NYSE: MA) Mastercard is a global
technology company in the payments industry. Our 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. Our decency quotient, or DQ, drives our culture and
everything we do inside and outside of our company. With
connections across more than 210 countries and territories, we are
building a sustainable world that unlocks priceless possibilities
for all. www.mastercard.com
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William Tsang, Mastercard +1 (914) 249-2640 |
William.Tsang@mastercard.com
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