Consumer spending appears to be normalising in a number of markets, according to Mastercard SpendingPulse1, which tracks overall retail sales across all payment types, including cash and cheque. In April-May, more than $53 billion of incremental spending occurred on e-commerce channels in the country compared the same period in 2019, said Mastercard.
US e-commerce sales, according to Mastercard SpendingPulse, were up 92.7 per cent in May, underscoring the broader shift to digital. E-commerce in April and May made up 22 per cent of all retail sales, up from 11 per cent in 2019.Consumer spending appears to be normalising in a number of markets, according to Mastercard SpendingPulse1, which tracks overall retail sales across all payment types, including cash and cheque. In April-May, more than $53 billion of incremental spending occurred on e-commerce channels in the country compared the same period in 2019, said Mastercard.#
Total retail sales for May in the country saw a marked improvement from April as some states started reopening and stimulus funds continued to buoy consumer spending.
Mastercard recently released the first report in its Recovery Insights series, which sheds light on the impacts of the pandemic and stay-at-home orders, including the incredible growth of online shopping.
While the shift to digital has not been universal or consistent—due to geographical, economic and household differences—there are a number of key overarching trends, according to a Mastercard press release.
In May, US hardware sales across online and in store were up by 36.2 per cent compared to 2019. In addition, furniture sales grew by 7.5 per cent year on year in May, the strongest growth rate for the sector since August 2018.
In April and May, e-commerce as a share of total retail sales reached 33 per cent in the United Kingdom—an unprecedented high.
Fibre2Fashion News Desk (DS)
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