Mastercard SpendingPulse: Housing-related sectors soften, experiential spending drives growth
October 7, 2022According to Mastercard SpendingPulseTM, U.S. retail sales excluding automotive increased +11% year-over-year in September. E-commerce sales continue to grow, up +10.7% YOY, highlighting the ongoing demand for the convenience of digital commerce. Mastercard SpendingPulse measures in-store and online retail sales across all forms of payment and it is not adjusted for inflation.
Reflecting the broader contraction of the housing market, spending in and around the home is slowing. Furniture & Furnishing and Hardware sectors experienced minimal year-over-year growth, up 1.4% and 1.7% respectively.
On the other hand, experiential spending continues to rein in consumers’ dollars. In September, spending at Restaurants was up +10.9% year-over year, as consumers continue to enjoy eating out. Further, travel remains a priority as spending on Airlines and Lodging experienced double-digit year-over-year growth. This is consistent with the past several months and broader global trends as reflected in the latest Mastercard Economics Institute Report, Shifting Wallets.
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. For more information about Mastercard SpendingPulse or to subscribe, visit product page or the AWS Data Exchange.
About Mastercard
Mastercard powers economies and empowers people in 200+ countries and territories worldwide. Together with our customers, we’re building a sustainable economy where everyone can prosper. We support a wide range of digital payments choices, making transactions secure, simple, smart and accessible. Our technology and innovation, partnerships and networks combine to deliver a unique set of products and services that help people, businesses and governments realize their greatest potential.
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