March Retail Spending Up 26% From Stimulus, 2020 COVID-19 Lockdowns
A year since COVID-19 lockdowns began, U.S. retail sales grew 26.3% in March and 14% vs. March 2019, said a Mastercard spending report Thursday. Online sales soared 56.8% year on year and 85.9% vs. March 2019. Electronics sales rose 2.7%…
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year on year and 10% vs. March 2019. Retail sales benefited from stimulus payments and broader reopening across the country, said the report. Sales in the first half of March increased 1.6% from a year ago, “when consumers were hitting the stores and stocking up in the face of the pandemic,” Mastercard said, while sales in the back half of the month rose 46.9% year on year. Grocery, at the top of the retail category during the pandemic, fell 20.4% in March but was up 7.5% vs. March 2019.