Mastercard SpendingPulse: February US Retail Sales Up 8.7% YoY* Amid Inflation, Back to Office | News

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PURCHASE, NY–(BUSINESS WIRE)–March 9, 2022–

U.S. consumer spending maintained positive momentum in February, according to Mastercard SpendingPulseTM, which measures in-store and online retail sales for all forms of payment. Overall non-auto retail sales were up 8.7% year-over-year (YOY) and 17.3% from pre-pandemic (2019) spending. This is slightly above January growth levels.

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(Graphic: Business Wire)

Looking at all channels, in-store purchases were up 10% in February compared to the same month last year and 8.0% compared to the pre-pandemic period, as consumers resume their activities in person. E-commerce sales in February were up 4.4% year-over-year and 85.9% from the pre-pandemic period, as the shift to digital remains a persistent but slowing trend.

The high level of inflation is reflected in increases in retail sales in February; other key trends include:

  • Back to office attire: Growth rates for clothing (+37.6% over one year / +34.3% before the pandemic) and department stores (+26.3% over one year / +3.4% before the pandemic) remained elevated during the month as consumers prepared to return to physical offices, updating their wardrobes after nearly two years of working remotely.
  • In-store growth rates have recovered: As noted, in-store growth rates increased through much of February, up 10% from a year ago and 8.0% from the pre-pandemic period. Contributing factors include the fact that severe winter storms suppressed in-store sales across much of the United States this month last year, as well as the fact that many Covid restrictions were lifted this month .
  • Home Decor Discounts: Furniture and home furnishings sales surged in February around the traditional Presidents’ Day weekend, driving growth rates of +10.8% YoY and +17.9% vs. 2019 pre-pandemic levels for the month.
  • Restaurant resurgence: Restaurant sales (+39.4% YoY / +24.2% pre-pandemic) continued to outperform in February with growth rates in the 30-40% range in most states.

“Despite inflation, consumers are leveraging their record savings and once again expressing themselves through fashion, to the great benefit of the apparel, department store, luxury and jewelry verticals, according to Mastercard SpendingPulse “said Steve Sadove, Senior Advisor for Mastercard and former CEO and Chairman of Saks Incorporated.

*Excluding car sales

About Mastercard SpendingPulse:

Mastercard SpendingPulse reports domestic retail sales for all payment types in select markets around the world. Results are based on overall sales activity in the Mastercard payment network, coupled with survey-based estimates for certain other payment methods, such as cash and check. Mastercard SpendingPulse defines “US retail sales” as sales at retailers and foodservice merchants of all sizes. Sales activities in the service sector (eg travel services such as airlines and accommodation) 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 our company. With connections in more than 210 countries and territories, we are building a sustainable world that unlocks invaluable opportunity for all.

www.mastercard.com

See the source version on businesswire.com: https://www.businesswire.com/news/home/20220309005286/en/

CONTACT: Media Contacts

Julia Monti, Mastercard

914-249-6135 |Julia.monti@mastercard.comAlexandria Brown, Mastercard

914-260-1020 |Alexandria.brown@mastercard.com

KEYWORD: NEW YORK UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: LUXURY BANKING MEN DEPARTMENT STORE PROFESSIONAL SERVICES HOME GOODS RESTAURANT/BAR CONSUMER OTHER RETAIL FASHION RETAIL OTHER PROFESSIONAL SERVICES OTHER CONSUMER WOMEN SUPPLY CHAIN ​​MANAGEMENT FINANCE ONLINE RETAIL

SOURCE: Mastercard Investor Relations

Copyright BusinessWire 2022.

PUBLISHED: 03/09/2022 07:01 / DISK: 03/09/2022 07:02

http://www.businesswire.com/news/home/20220309005286/en

Copyright BusinessWire 2022.

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