• by Ray Schultz , April 6, 2023

U.S. retail sales -- excluding automotive -- rose by 4.7% YoY in March, according to Mastercard SpendingPulse. 

While YoY growth was down slightly from the 6.9% recorded in February, the patterns were consistent with those seen earlier this year. 

Ecommerce sales rose by 13%, in-store sales by 2.8%, lodging by 23.5%, restaurants by 11.6% and grocery by 5.6%.

But the Home Improvement, Home Furniture & Furnishings and Electronics sectors suffered a dip in YOY growth as consumers prioritized experiences and essentials.  

“There are a number of factors influencing how today’s consumer is shopping including inflation, the labor market, food and gas prices, and the path of interest rates,” states Steve Sadove, senior advisor for Mastercard and former CEO and Chairman of Saks Incorporated.  

Sadove adds: “But they’re still spending -- we’re seeing varied growth sector by sector, with purchases largely shifting to necessities and experiences.”