(PRESS RELEASE) 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.
