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Mastercard SpendingPulse: U.S. Retail Sales in June Reflect Rising Prices for Essentials, Continued Leisure Spending

According to Mastercard SpendingPulseTM, which measures in-store and online retail sales across all forms of payment, U.S. consumer retail spending excluding automotive increased +9.5% year-over-year (YOY) in June, while retail sales excluding auto and gas rose +6.1% YOY. Rising prices—particularly for necessities such as food and fuel—were a contributing factor, as Mastercard SpendingPulse reflects nominal spending and is not adjusted for inflation. Excluding auto and gas, in-store spending is up +11.7% YOY in June, and while e-commerce grew at a slower pace this month (+1.1% YOY), sales for e-commerce remain roughly double June 2019 levels. Nominal spending growth is down slightly compared to May, though remains consistent with growth levels seen earlier in 2022.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220707005429/en/

(Photo: Business Wire)

(Photo: Business Wire)

As inflation persists, consumers are paying more for essentials. Two of the categories that have higher inflation have seen a lift in sales: June sales for Fuel & Convenience are up +42.1% YOY/ +55.7% YO3Y and Grocery +14% YOY/ +24.8% YO3Y.

Meanwhile, discretionary spending continued to drive growth across the fashion-forward sectors in June, including Jewelry +16.2% YOY/ +86.6% YO3Y, Luxury +4%/ +54% YO3Y and Department Stores +8.6% YOY/ +21.4% YO3Y. And with summer in full swing, consumers continue to spend on travel experiences: Airline and Lodging are both up +18.2% YOY/ +7.3% YO3Y and +33.7% YOY/ 30.4% YO3Y, respectively.

“Sector by sector, we’re seeing a varied picture of how inflation is impacting essential vs discretionary consumer spending,” said Steve Sadove, senior advisor for Mastercard and former CEO and Chairman of Saks Incorporated. “One notable highlight is that travel sectors such as airlines and lodging continue to show signs of strong demand.”

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.

www.mastercard.com

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