Consumer Behavior

March retail sales up nearly 5%

Adobe Stock

April 17, 2023

In-store and online retail sales, excluding automotive, were up 4.7% year-over-year in March, according to a Mastercard SpendingPulse report.

Yet on a national level nominal spending growth was down slightly compared to February which was up 6.9% year-over-year, according to a press release on the data.

E-commerce sales in March were up 13% YOY and in-store sales were up 2.8%. Key drivers were lodging, restaurants and grocery.

Home improvement, furniture and electronics sectors continued to experience a dip in YOY growth.

"There are a number of factors influencing how today's consumer is shopping including inflation, the labor market, food and gas prices, and the path of interest rates," Steve Sadove, senior advisor for Mastercard and former CEO and chairman of Saks Inc., said in the release. "But they're still spending — we're seeing varied growth sector by sector, with purchases largely shifting to necessities and experiences."