Mastercard SpendingPulse: U.S. Consumers Continued to Spend in July While Navigating High Inflation
E-commerce growth sees a hot July amid promotional events, while home-focused spending cools
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Mastercard SpendingPulse -
Spending increases in July outpaced monthly year-over-year growth experienced thus far in 2022, with demand and higher prices both contributing factors. Of note:
- Consumers continue to spend, with inflation’s impact varying across sectors: Consumers continue to navigate high inflation as they spend on wants and needs. The Grocery sector, for instance, saw sales up +16.8% YOY in July due primarily to food price increases. On the other hand, Apparel (+16.6%) and Jewelry (+18.6%) sales saw strong demand-driven year-over-year growth, well outpacing sector-specific inflation.
- E-commerce sales climb amid major promotional events: While in-store sales remain elevated, up +11.1% YOY/ +13.9% YO3Y, e-commerce posted its first month of double-digit sales growth (+11.7% YOY) since December. E-commerce is up nearly double pre-pandemic levels (+98.5% YO3Y). Online sales have ticked up since the beginning of June, though July’s major promotional events helped entice shoppers to splurge (and save) with online deals.
- High season for vacation, with road-trippers seeing some relief at the pump: Travel remains a priority, with Lodging up +29.6% YOY and Airline sales up+13.3% YOY. Fuel & Convenience spending remains elevated (+32.3% YOY / +47.1% YO3Y), though the growth rate is down compared to June – reflecting price declines at the pump.
“The latest retail trends place an emphasis on consumer choice and passion driven spending – they’re hunting for deals, shopping across channels and ultimately still spending on experiences and goods that make them feel good,” said
After heating up during the pandemic, the
“Consumers’ purchasing power has been strained by higher prices, particularly for the most fundamental needs-based categories like food and energy,” said
For additional insights about today’s housing trends and the economic impact across the country, see the Mastercard Economic Institute’s latest findings in A View on
About Mastercard SpendingPulse
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 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.
+1 (914) 260-1020 | Alexandria.Pierroz@mastercard.com
Source: Mastercard Investor Relations