The year 2021 kicked off with retail gains across nearly all sectors and all 50 US states, according to Mastercard SpendingPulse, which measures in-store and online retail sales across all forms of payment across the world. This January, US retail sales excluding automotive and gasoline increased by 9.2 per cent year on year (YoY), with online sales growing by 62.1 per cent compared to 2020.
The momentum of a stronger-than-anticipated holiday season continued throughout the month, with consumer spending buoyed by an infusion of stimulus payments, particularly in the first two weeks of the year, Mastercard said in a press release.The year kicked off with retail gains across nearly all sectors and all US states, according to Mastercard SpendingPulse, which measures in-store and online retail sales across all forms of payment. This January, US retail sales excluding automotive and gasoline rose by 9.2 per cent year on year, with online sales growing by 62.1 per cent over 2020 figures.#
Spending in and around the home remains a top consumer priority, with furniture & furnishings (+16.6 per cent) posting its eighth straight month of solid gains. Home categories, along with grocery, have seen some of the biggest category lifts following stimulus payments.
Following months of working and schooling from home, consumers started investing in their wardrobe again—with specialty apparel online sales up by 52.5 per cent in January. Although the sector is still down (minus 4.3 per cent), this is the smallest YoY decline experienced since the pandemic began impacting sales in March 2020.
The department store sector experienced its first YoY increase in sales (+1.5 per cent) since 2019, boosted by strong online sales (+27.9 per cent).
Around the country, Mastercard SpendingPulse analysis shows that the overall retail story remains largely positive. Moreover, e-commerce has become a critical driver of sales growth across the country. In California, for instance, online sales grew by 77.4 per cent, helping to lift retail sales overall to 7.9 per cent.
ALCHEMPro News Desk (DS)
marketing@alchempro.com
