Mastercard SpendingPulse: Canadian consumer spending in September increased +29% versus pre-pandemic as experiential spending drives growth
October 12, 2022 | TorontoAccording to Mastercard SpendingPulseTM, which measures in-store and online retail sales across all forms of payment, Canadian retail sales, excluding automotive, increased +12.3% YOY, (+29% YO3Y) in September indicating spending has well surpassed pre-pandemic levels. Mastercard SpendingPulse accounts for nominal spending and is not adjusted for inflation. E-commerce sales continue to grow, up 78% since pre-pandemic (1.1% YOY), highlighting the ongoing demand for the convenience of digital commerce.
Spending growth in September 2022 compared to the pre-pandemic levels seen in September 2019, reflect a strong increase in experiential spending. Of note:
- Back-to-school season continues with new tech: As students continue to settle into the school year, the Electronics sector saw sales increase +8.6% YOY (23.8% YO3Y).
- Consumers are looking for experiences: With most covid-19 restrictions easing and Canadians venturing outside of their homes again, consumers are prioritizing experiential spending on eating out with Restaurant sales up 6.4% YOY.
- Canadians are returning to pre-pandemic routine: The Apparel sector is seeing strong continued growth (34.3% YOY) as consumers return to office, attend parties, weddings and events once again.
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. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
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