PURCHASE, N.Y. – According to Mastercard’s SpendingPulse total retail sales increased 8.4% year-over-year and are up 18% compared to pre-pandemic spending.
Key trends for March 2022 showed that in-store sales continued to rebound, while e-commerce declined year-over-year in March. However, online sales are up 83.7% versus pre-pandemic levels while in-store sales are also up 9.4% compared to March 2019.
“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,” said Steve Sadove, senior advisor for Mastercard and former CEO and chairman of Saks Incorporated. “After nearly two years of cautious optimism around the broader reopening, it’s a healthy sign that consumers are returning to a balanced level of spending across retail sectors and services.”
Hawaii (+12.9%), Wyoming (+12.2%), Colorado (+11.0%), Florida (+9.7%), and Texas (+9.1%) topped the list of states with the strongest growth rates in March. Hawaii experienced the strongest growth rate for the month as the state has increased in popularity among many honeymooners and tourists looking to escape within U.S borders.
Mastercard SpendingPulse reports on national retail sales across all payment types in select markets around the world. The findings are based on aggregate sales activity in the Mastercard payments network, coupled with survey-based estimates for certain other payment forms, such as cash and check. U.S. retail sales are defined as sales at retailers and food services merchants of all sizes.