MasterCard SpendingPulse has good news about September retail sales.
Dan Berthiaume|Senior Editor, Technology
Source: chainstoreage.com, October 2022


Retail sales grew by double digits, both online and offline, in September 2022, according to the latest Mastercard SpendingPulse data.

The new SpendingPulse report reveals U.S. retail sales excluding automotive increased 11% year-over-year in September 2022. E-commerce sales also continued to grow, rising 10.7% year-over-year. (Mastercard SpendingPulse measures in-store and online retail sales across all forms of payment and is not adjusted for inflation.)

In what Mastercard said  is a reflection the broader contraction of the housing market, spending in and around the home slowed compared to the year-earlier period. Furniture and furnishing, and hardware retailers experienced minimal year-over-year growth, up 1.4% and 1.7% respectively.

On the other hand, experiential spending continued to grow. In September, spending at restaurants rose 10.9% year-over-year, and spending on airlines and lodging also experienced double-digit year-over-year growth. This is consistent with the past several months and broader global trends observed by Mastercard.

Following is a complete review of Mastercard Spending Pulse September 2022 data:

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.

NRF: Consumers still spending
Mastercard SpendingPulse’s generally optimistic findings about U.S. retail sales align with recent NRF analysis which also suggests consumers are not yet cutting spending due to inflation.

Consumer spending held up better than expected in August as overall retail sales reported by the Census Bureau grew 0.3% from July and 9.1% year-over-year, noted the NRF. Year-over-year increases in retail sales have been mostly in the upper single digits since spring, not as dramatic as the double-digit numbers seen most of last year into early 2022 but still healthy.

“Consumers have become cautious – but they have not stopped spending,” said Jack Kleinhenz, chief economist, National Retail Federation. Describing the U.S. economic situation “unsettling,” Kleinhenz noted that economists and consumers alike are worried about the possibility of a recession. “Nonetheless, spending continues to grow, and many economists say a recession – if there is one – will likely be mild,” he added.

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.