US Retail Sales increased for the 11th consecutive month in July! Consumers drove retail spending growth, jumping 10.9% year-over-year, according to Mastercard SpendingPulse.
Back-to-school shopping is well underway, and was a clear driver for sales numbers during July. The BTS season has impacted a number of sectors in the industry.
“Back to school shopping is back. Combined with greater savings and higher demand, the Child Tax Credit has provided a boost for families and is putting more money into retailers’ pockets,” said Bricklin Dwyer, Chief Economist and Head of the Mastercard Economics Institute.
The return of the in-store shopper has become a common theme in a post-pandemic retail setting. Brick-and-mortar browsing is making a clear comeback. In-store sales accounted for 81.9% of total retail sales for the month. Year-over-year in-store sales also jumped 15.5%.
“While e-commerce continues to play an increasingly significant role for retail, nothing replaces the in-store experience. July numbers reflect a return to the store. Consumers are shopping, spending and splurging across channels,” said Steve Sadove, Senior Advisor for Mastercard.
Source: July Retail Sales Mastercard Spending Pulse – Businesswire
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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.