Report cover from Mastercard Economics Institute
  Shifting Wallets - Experiential spending continues to rein in consumer dollars

Housing-Related Sectors Soften, Experiential Spending Drives Growth

Mastercard;

According to Mastercard SpendingPulse, U.S. retail sales excluding automotive increased +11% year-over-year in September. E-commerce sales continue to grow, up +10.7% YOY, highlighting the ongoing demand for the convenience of digital commerce. Mastercard SpendingPulse measures in-store and online retail sales across all forms of payment and it is not adjusted for inflation.

Reflecting the broader contraction of the housing market, spending in and around the home is slowing. Furniture & Furnishing and Hardware sectors experienced minimal year-over-year growth, up +1.4% and +1.7% respectively.

On the other hand, experiential spending continues to rein in consumers’ dollars. In September, spending at Restaurants was up +10.9% year-over year, as consumers continue to enjoy eating out. Further, travel remains a priority as spending on Airlines and Lodging experienced double-digit year-over-year growth. This is consistent with the past several months and broader global trends as reflected in the latest Mastercard Economics Institute Report, Shifting Wallets.

Mastercard SpendingPulse™

U.S. Retail Snapshot – September 2022

Sales Growth

Year-Over-Year

Sept 2022 vs. Sept 2021

Sales Growth

vs. Pre-Pandemic

Sept 2022 vs. Sept 2019

Total Retail (ex. Auto & Gas)

9.7%

22.3%

Total Retail (ex. Auto)

11.0%

24.6%

E-commerce sales

10.7%

90.3%

In-store sales

11.1%

16.9%

Retail Sectors

Apparel

8.9%

25.9%

Department Stores

7.3%

22.7%

Electronics

13.9%

32.7%

Fuel & Convenience

23.5%

47.5%

Furniture & Furnishings

1.4%

29.4%

Grocery

9.4%

24.8%

Hardware

1.7%

17.0%

Jewelry

6.9%

67.7%

Luxury (ex. Jewelry)

-5.2%

6.2%

Restaurants

10.9%

44.9%

Mastercard SpendingPulse™

U.S. Travel Snapshot – September 2022

Sales Growth

Year-Over-Year

Sept 2022 vs. Sept 2021

Sales Growth

vs. Pre-Pandemic

Sept 2022 vs. Sept 2019

Airlines

56.4%

10.9%

Lodging

38.1%

42.5%

*Travel sectors are not reflected in total retail sales figure

Source: Mastercard SpendingPulse, which measures in-store and online retail sales across all forms of payment.

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. 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.