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U.S. Retail Sales Rise 6.9% YoY in February, Reports Mastercard SpendingPulse March 21, 2023 (0 comments)
New York, NY--Mastercard SpendingPulse reported a 6.9% year-on-year increase in U.S. retail sales (excluding automotive) for February in a news release. The data represents in-store and online sales across all payment types and is not adjusted for inflation.
[Image via Mastercard]
Steve Sadove, Mastercard Senior Advisor, commented in the news release that consumer spending had returned to a healthy balance after the holiday season, with customers prioritizing discounts to counteract inflation.
Key trends in February included:
- E-commerce sales grew by 13.2% YoY, while in-store sales increased by 5.5%.
- Experiences remained a priority, with Restaurants (+14.2%), Airlines (+15.6%), and Lodging (+42.7%) witnessing elevated growth.
- Moderate growth in Apparel (+3.9%) and Department store (+5.6%) sectors, driven by a focus on pricing and value.
Michelle Meyer, North America Chief Economist at Mastercard Economics Institute, noted in the release that retail spending maintained a steady growth rate compared to 2022, supported by a robust labor market and savings cushion.
*Note: Airlines and Lodging are not included in total retail sales figures.
Learn more in this news release.