Mastercard SpendingPulse: Canada retail sales in June show continued leisure spendingJuly 14, 2022 | Toronto
According to Mastercard SpendingPulseTM, which measures in-store and online retail sales across all forms of payment. Canadian consumer retail spending excluding automotive increased +5.7% year-over-year (YOY)* in June, indicating consistent growth compared to May. In-store spending was up +9.0% YOY in June. As consumers returned to in-person shopping, e-commerce decreased (-7.1% YOY), but sales for e-commerce compared to pre-pandemic continued to experience strong growth (+90.5% YO3Y).
While inflation persists, discretionary spending in June continued to drive growth across leisure sectors including Restaurants +21.9% YOY/ +7.7% YO3Y, Jewelry +35.9% YOY/ +10.8% YO3Y, and Apparel +35.2%/ +13.2% YO3Y. Canadians also continued to spend on Home Improvement with increased growth of +7.3% YOY/ +33.5% YO3Y while Home Furniture and Furnishings slowed -1.3% YOY but remains elevated compared to pre-pandemic +15.1% YO3Y.
“While discretionary spending is up, sector by sector, we will see inflation impact consumer spending as prices for essentials increase,” said Steve Sadove, senior advisor for Mastercard and former CEO and Chairman of Saks Incorporated. “With dollars being stretched, retailers should look for ways to personalize and customize offers accordingly.”
*Mastercard SpendingPulse is not adjusted for inflation.
About Mastercard SpendingPulse
Mastercard SpendingPulse reports on national retail sales across all payment types in select markets around the world. The findings are based on aggregate sales activity in the Mastercard payments network, coupled with survey-based estimates for certain other payment forms, such as cash and check.
Mastercard SpendingPulse defines “Canadian retail sales” as sales at retailers of all sizes, excluding automobiles. Sales activity within the services sector (for example, travel services such as airlines and lodging) are not included.
About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.