In-store sales grew 15.5%, exceeding pre-pandemic levels
PURCHASE, N.Y.--(BUSINESS WIRE)-- Retail sales in the U.S. grew for the 11th consecutive month in July, according to Mastercard SpendingPulse™, which measures in-store and online retail sales across all forms of payment. With more cash in hand—fueled in part by the Child Tax Credit and pent-up savings—consumers drove U.S. retail spending growth, excluding automotive and gasoline, to +10.9% compared to July 2020. This is nearly quadruple the average growth in the month of July**.
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(Graphic: Business Wire)
At a national level, back-to-school shopping is well underway, impacting a number of sectors as anticipated in our forecast. Overall, key retail trends from July include:
“While e-commerce continues to play an increasingly significant role for retail, nothing replaces the in-store experience,” said Steve Sadove, senior advisor for Mastercard and former CEO and Chairman of Saks Incorporated. “July numbers reflect a return to the store. Consumers are shopping, spending and splurging across channels.”
Mastercard’s chief economist and head of the Mastercard Economics Institute Bricklin Dwyer said, “Back to school shopping is back. Combined with greater savings and higher demand, the Child Tax Credit has provided a boost for families and is putting more money into retailers’ pockets.”
*Excluding auto and gas **The average year-over-year growth in July over the past four years was 2.9%
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.
Media William Tsang, Mastercard 914.249.2640 | William.Tsang@mastercard.com
Julia Monti, Mastercard 914.217.9533 | Julia.Monti@mastercard.com
Source: Mastercard Investor Relations