As students near the end of their school year, parents have their sights set on the next back-to-school shopping season. Retailer’s have already begun preparing for this industry wave as well. According to Mastercard SpendingPulse, US retail sales are expected to grow 5.5% during July 15 through September 6 – a critical time in the back-to-school shopping period. This estimate is compared to 2020’s numbers for the same duration.
Anticipated growth for back-to-school is heavily based on retail’s current positive momentum in the economy. In May, total sales rose 12% year-over-year, and retail estimates for 2021 have just increased for the second time. Numbers are now projected to exceed $4.4 trillion for the year.
“Back to school has always been a prime season for retailers. This year, the broader reopening brings an exciting wave of optimism as children prepare for another school year, and the grown-ups in their lives approach a similar ‘return to office’ scenario. This back-to-school season will be defined by choice as online sales remain robust, brick and mortar browsing regains momentum and strong promotions help retailers compete for shoppers’ wallets,” said Steve Sadove, Senior Advisor for Mastercard.
Forecasts show that apparel sales are expected to take the lead for the back-to-school season, with departments stores following closely behind. Not only that, but brick-and-mortar retail anticipates a surge in shoppers, with a decrease in estimates for e-commerce year-over-year.
Source: Back-to-School Retail Sales – Mastercard
Photo Credit: Freepik
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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 payments network, coupled with survey-based estimates for certain other payment forms, such as cash and check. As such, SpendingPulse™ insights do not in any way contain, reflect or relate to actual Mastercard operational or financial performance, or specific payment-card-issuer data.
