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Mastercard SpendingPulse: U.S. Consumers Continued to Spend in July While Navigating High Inflation

Retrieved on: 
Thursday, August 4, 2022

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.