Feb. Consumer Retail Spending Momentum Continued, Says Mastercard
U.S. consumer spending momentum held up in February, reported Mastercard Wednesday, saying retail sales, excluding auto, grew 8.7% year over year and 17.3% compared with pre-COVID-19 pandemic spending. A spurt of “return to office attire” spending (up 37.6% year on…
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year) boosted sales at apparel and department stores. Electronics and appliance spending rose 12.2% year on year. In-store growth rates continued to rally, rising 10% vs. February 2021 and 8% pre-pandemic, said the company, while e-commerce grew 4.4% year on year, 86% vs. February 2019. With COVID-19 restrictions continuing to ease, restaurant sales were up 30%-40% in most states last month, Mastercard said.