DLA - March Mastercard SpendingPulse indicates services are expanding U.S. retail sales grow 8.4%
"Retail sales remain strong but are stabilizing as consumers resume spending on passion areas like travel, live entertainment, indoor dining and other in-person activities," MA senior advisor and former CEO and Chairman of Saks Steve Sadove commented. March spending indicates that services are making a comeback from airlines to lodging; also in-store retail sales are rebounding as consumer mobility increases. According to Mastercard SpendingPulse, which measures in-store and online retail sales across all forms of payment, total retail sales excluding auto increased 8.4% Y/Y and 18% compared to pre-pandemic spending (2019), not adjusted for inflation. This is in comparison to 8.7% Y/Y growth in February U.S. retail sales and 7.2% Y/Y growth in January. Airline spending was driven by return to travel with Y/Y airline growth up 44.8%, Restaurants (+19.1%) and Lodging (+46.4%) also grew significantly. Stocks to watch: (SEAS), (CCL), (SIX), (WH), (VAC) Luxury (+27.1%), Apparel (+16.0%) and Department Store (+14.0%)
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March Mastercard SpendingPulse indicates services are expanding, U.S. retail sales grow 8.4%