Mastercard: March Retail Sales Up 4.7 Percent, Driven By Growth In Service Sector And Grocery

According to Mastercard SpendingPulse, which measures in-store and online retail sales across all forms of payment, U.S. retail sales, excluding automotive, were up 4.7 percent year-over-year (YOY) in March.

Mastercard SpendingPulse reflects nominal spending and is not adjusted for inflation.

At a national level, while nominal spending growth was down slightly compared to February (+6.9 percent YOY), spending trends in March were consistent with those earlier this year.

E-commerce sales were up +13.0 percent YOY, and in-store sales were up +2.8 percent YOY. Lodging (+23.5 percent), Restaurants (+11.6 percent) and Grocery (+5.6 percent) were key drivers for the month’s YOY growth. On the other hand, Home Improvement, Home Furniture and Furnishings and Electronics sectors continued to see a dip in YOY growth as consumers prioritized experiences and essentials.