Mastercard SpendingPulse: U.S. Consumers Continued to Spend in July While Navigating High Inflation
Retrieved on:
Thursday, August 4, 2022
Banking, Supply Chain Management, Online Retail, Professional Services, Luxury, Department Stores, Specialty, Convenience Store, Fashion, Retail, Finance, Home Goods, Online, Multimedia, Travel, Furniture, Industry, Saks, Inc., CEO, Growth, YOY, Food, Masters Home Improvement, Housing, Foodservice, Home, Culture, US, Employment, Heat, Solution, Decorative arts, Grocery store, Mastercard, Online shopping, Renewable energy, Airline, Jewellery, Banking, Supply Chain Management, Online Retail, Professional Services, Luxury, Department Stores, Specialty, Convenience Store, Fashion, Retail, Finance, Home Goods
Rising pricesparticularly for necessities such as food and fuelwere a contributing factor, as Mastercard SpendingPulse reflects nominal spending and is not adjusted for inflation.
Key Points:
- Rising pricesparticularly for necessities such as food and fuelwere a contributing factor, as Mastercard SpendingPulse reflects nominal spending and is not adjusted for inflation.
- Of note:
Consumers continue to spend, with inflations impact varying across sectors: Consumers continue to navigate high inflation as they spend on wants and needs. - 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.
- Thus far, nominal spending remains strong as consumers cope with high price inflation.