PURCHASE, N.Y.--(BUSINESS WIRE)-- U.S. consumer spending maintained positive momentum in February, according to Mastercard SpendingPulseTM, which measures in-store and online retail sales across all forms of payment. Overall retail sales excluding auto increased 8.7% year-over-year (YOY) and were up 17.3% compared pre-pandemic spending (2019). This is slightly above January growth levels.
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(Graphic: Business Wire)
When looking across channels, in-store grew 10% in February compared to the same month last year and 8.0% vs. pre-pandemic as consumers resume in-person activity. E-commerce sales in February were up 4.4% year-over-year and 85.9% vs. pre-pandemic as the shift to digital remains a persistent yet slowing trend.
The elevated level of inflation is reflected in the February retail sales increases; other key trends include:
“Despite inflation, consumers are putting their record savings to work and expressing themselves through fashion again—much to the 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 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.
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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Media Contacts Julia Monti, Mastercard914-249-6135 | Julia.monti@mastercard.com
Alexandria Brown, Mastercard914-260-1020 | Alexandria.brown@mastercard.com
Source: Mastercard Investor Relations