PURCHASE, NY – (BUSINESS WIRE) – April 8, 2021 –
US retail sales rose double-digit in March as we hit a one-year mark since the first Covid restrictions impacted retail sales. According to Mastercard SpendingPulse ™, US retail sales, excluding cars and gasoline, rose 26.3% in March year-over-year, while online sales were up 56.8% from 2020. Mastercard SpendingPulse measures retail sales in stores and over the Internet for all forms of payment.
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(Figure: Business Wire)
Retailers have benefited from an infusion of incentive payments coupled with wider opening across the country. This is especially noticeable when looking at the first and second half of the month:
- Sales in the first half of March were up 1.6% from a year ago when consumers were shopping and stockpiling in the face of the pandemic.
- By comparison, retail sales rose 46.9% YoY in the second half of the month. This growth reflects both the positive growth in stimulus payments on consumer spending and the constraints that weakened retail sales across the country during the same period in 2020.
The unique retail scenario in March last year is also seen when comparing the sectors on an annualized basis.
For example, spending cuts occurred in discretionary sectors such as clothing and jewelry in March 2020 when people first began to distance themselves from society; this led to a significant increase in the growth rate in March this year.
Major sectors such as grocery faced the opposite situation, as sales rose in the past year due to the buildup of inventory by buyers; Groceries are in negative growth this month, compared to significant gains in March 2020. However, grocery sales increased (+ 7.5%) compared to March 2019.
About Mastercard SpendingPulse
Mastercard SpendingPulse ™ reports nationwide retail sales for all types of payments in selected markets around the world. The findings are based on cumulative sales activity on the Mastercard payment network, combined with survey-based estimates for several other forms of payment such as cash and checks. As such, SpendingPulse ™ analytics in no way contain, reflect or relate to the actual operating or financial performance of Mastercard or specific data about the payment card issuer.
The Mastercard SpendingPulse defines “US retail sales” as sales to retailers and food service establishments of all sizes. Trade activities in the service sector (eg travel services such as airlines and accommodation) are not included.
About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments industry. Our mission is to connect and provide an inclusive digital economy that benefits everyone, everywhere, by making transactions safe, simple, smart and affordable. Leveraging secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses reach their greatest potential. Our Decency Score, or DQ, defines our culture and everything we do inside and outside our company. With connections in more than 210 countries and territories, we are building a sustainable world that offers invaluable opportunities for everyone.
See the original version at businesswire.com: https://www.businesswire.com/news/home/20210408005257/en/
CONTACT: William Tsang, Mastercard
914.249.2640 |[email protected]
Julia Monty, Mastercard
914.217.9533 | [email protected]
KEYWORD: USA, NORTH AMERICA, NEW YORK
INDUSTRY KEYWORD: TECHNOLOGY DEPARTMENT SUPERMARKET SHOPS SPECIAL HOME PRODUCTS CONVENIENCE SHOP RETAIL HOUSEHOLD ELECTRONICS RETAIL INFORMATION
SOURCE: Mastercard Investor Relations
Copyright by Business Wire 2021.
PUB: 04/08/2021 07:01 / DISK: 04/08/2021 07:01
Copyright by Business Wire 2021.