Source: www.insideradio.com, April 2022
U.S. total retail sales (excluding auto) increased 8.4% year-over-year in March 2022 and 18% vs. pre-pandemic spending (2019), not adjusted for inflation, according to Mastercard Spending Pulse, which reports on national retail sales across all payment types.
According to a report by Chain Store Age, the March metric is similar to the year-over-year growth experienced last month and slightly above January growth levels.
The key trends for March 2022 included the diversification of consumer spending across sectors and channels, Mastercard noted. Airline spending took flight as the return to travel drove year-over-year airline growth up 44.8% in March. Restaurants (+19.1%) and lodging (+6.4%) also grew significantly.
The increase in services didn’t halt spending. The luxury (+27.1%), apparel (+16%) and department store (+14%) sectors all saw double-digit growth.
In-store sales continued to rebound, rising 11.2% year-over-year and 9.4% vs. March 2022. E-commerce fell 3.3% year-over-year in March but was up 83.7% vs pre-pandemic levels. Among other highlights from the report:
The states with the strongest growth rates in March were Hawaii (+12.9%), Wyoming (+12.2%), Colorado (+11%), Florida (+9.7%) and Texas (+9.1%).
Fuel and convenience spending saw year-over-year growth rates above 40% for most of the month. While much of the growth is driven by inflation at the pump, consumer mobility has continued to recover as commuter traffic and leisure travel picked up, according to Mastercard.
