In the U.S. alone, retail sales in 2022 were 32% above 2019 levels. As retail sales continue to climb in specific categories, it’s not just business as usual; consumers are shopping differently. They have changed the way they shop and are categorizing their current spending mindset as “smart”, “thrifty” and “aware.” Beyond that, they are leaning into technological advancements through web 3.0, generative AI, IoT, personalized apps and biometrics.
While Mastercard continuously monitors real-time spend and behaviors in the “now,” it’s also important to stay inspired around what’s “next” for the retail industry. Understanding these new desires and behaviors provides a rich roadmap for co-creating progressive first-in-class retail capabilities and newly imagined offerings and solutions.
Explore more North American insights in “The new retail relevancy: How businesses of all sizes can navigate the exciting future of retail."