Retail Sales 'Stabilizing' as Travel Spending Resumes: Mastercard
Consumer spending on services is on the rise, and in-store retail sales continue to rebound after altered spending trends during the COVID-19 pandemic, reported Mastercard Wednesday. Total March retail sales, excluding auto, grew 8.4% vs. March 2021 and 18% vs.…
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March 2019, not adjusted for inflation. E-commerce sales fell 3.3% but were 83.7% above March 2019 pre-pandemic levels; in-store sales increased 11.2%. Overall retail growth was in line with 8.7% growth in February (see 2203090063) and slightly above January’s 7.2% growth, it said. Luxury goods spending jumped 27.1%, and travel spending had significant growth for airlines (44.8%) and lodging (46.4%). Restaurant sales grew 19.1% in the month. Retail sales are “stabilizing” as consumers resume spending on travel, live entertainment, indoor dining and other in-person activities, said Steve Sadove, senior adviser, with a “balanced level of spending” across retail and services.