Retail numbers look good so far this spring, though there could be a spending slowdown around the corner.
“A good piece of the 8.4 percent growth in total retail sales is driven by inflation but overall, the numbers show that the consumer is still healthy,” Steve Sadove, senior adviser for Mastercard and former chairman and chief executive officer of Saks Inc., told WWD.
Sadove said March reflected continuity in trends that occurred during the holiday 2021 season, though March in itself should not be regarded as a bellwether. “You should be looking at the January through March period,” said Sadove. In the following recap of spending, Mastercard highlights how consumer spending has recently become more diversified across the sector and channels. Among the findings for March, l
With more people headed to stores, e-commerce slipped 3.3 percent, though that’s off from big gains a year ago, and online sales are still up 83.7 percent versus pre-pandemic levels, while in-store sales are up 9.4 percent compared to March 2019.
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