According to Mastercard SpendingPulseTM, which measures in-store and online retail sales across all forms of payment, Canadian spending, excluding automotive, increased +7% YOY in August (+18.8% YO3Y), indicating spending has well surpassed pre-pandemic levels. Mastercard SpendingPulse accounts for nominal spending and is not adjusted for inflation. In-store sales increased (+7.8% YOY) with a significant surge in Apparel (+37.4% YOY) ahead of back-to-school season. Fuel and Convenience also saw an increase (+18.5% YOY), as consumers took their final summer road trips.
“As Canadians rounded out their summer with last minute vacation plans and families preparing for back-to-school season, it’s not surprising to see both an increase in retail sales and in-store spending,” said Steve Sadove, senior advisor for Mastercard and former CEO and Chairman of Saks Incorporated. “However, where we continue to see strong growth compared to pre-pandemic times is in the e-commerce sector, indicating new spending habits have set in despite the return of accessibility to in-store shopping.”
