Mastercard SpendingPulse: April U.S. Retail Sales Remain Steady, Up +7.2%* Year-Over-Year
From a clean home to a new wardrobe, Spring brings fresh starts and beckons consumers outside and back into stores. According to Mastercard SpendingPulsetm, which measures in-store and online retail sales across all forms of payment, total retail sales excluding auto in April increased +7.2% year-over-year (YOY) and +15.3% compared to pre-pandemic spending (2019), not adjusted for inflation. This is similar to the YOY monthly growth experienced thus far in 2022.
Key trends for April reinforce consumer resilience in the face of inflation and highlight seasonal spending across sectors and channels. Of note:
- Springing into stores: In-store sales were up +10.0%, while e-commerce sales are down -1.8% compared to last year, reflecting consumer demand to get out. However, online sales remain elevated (+92.0%) vs pre-pandemic April 2019. California, New York, Florida, Nevada and Illinois were among the states leading the charge back to brick-and-mortar.
- Warm weather wardrobe: Consumers refreshing their wardrobes for potential summer travel and the warmer months ahead contributed to continued growth for Apparel (+10.8% YOY / +8.4% pre-pandemic) and Department Stores (+15.7% YOY / +22.3% pre-pandemic), though rates have started to soften from the peaks earlier this year.
- Nesting season: Furniture and Furnishing sales, which saw the seventh consecutive month of positive growth, were up +3.8% YOY and +25.7% compared to pre-pandemic 2019 levels. While the super-hot housing market is starting to show signs of cooling, consumers continue investing in their homes and feathering their nests for seasons to come.
"Whether for a family barbeque, returning to the office or senior prom, it seems like everyone is out shopping for something," said Steve Sadove, senior advisor for Mastercard and former CEO and Chairman of Saks Incorporated. "Mastercard SpendingPulse shows spending across sectors in April."
*Excluding automotive sales.
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.
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. Spending insights are preliminary.
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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