Online sales were up 11.7% in July year-over-year, a sharp increase after months of softer growth, according to a report from Mastercard SpendingPulse, which measures in-store and online retail sales across all forms of payment.
When it came to overall spending (in-store and online), inflation impacted which categories saw increases: “The Grocery sector, for instance, saw sales up +16.8% YOY in July due primarily to food price increases.” But demand was a factor in other categories, it reported: “On the other hand, Apparel (+16.6%) and Jewelry (+18.6%) sales saw strong demand-driven year-over-year growth, well outpacing sector-specific inflation.”
And when it came to ecommerce, online sales have ticked up since the beginning of June, though July’s major promotional events helped entice shoppers to splurge (and save) with online deals, Mastercard reported.
Mastercard senior advisor Steve Sadove said consumers are hunting for deals and shopping across channels. “As retailers grapple with excess inventory and supply chain constraints, it’s likely that the promotional activity seen in July will continue to be an important strategy for retailers,” he said.
Michelle Meyer, US chief economist, Mastercard Economics Institute, said nominal spending has remained strong thus far as consumers cope with high price inflation. “As we continue to look at the strength of the consumer, we will be keenly focused on trends surrounding employment and wage growth,” she said.
The Mastercard SpendingPulse report came out on August 4th, a day ahead of the government’s jobs report that showed hiring in July was far better than expected, CNBC reported, while also noting a “clear” economic slowdown, whether or not it could be classified officially as a recession.
….and to think, Ebay tried to blame lower sales and lower income on LESS Ecommerce spending. Time to throw the CEO out and get someone in there that knows what to do. Thanks Ebay.
I don’t know about all that,
but I do know that right after I raised my item prices stuff started moving !
guess someone’s making money, not me, my sales are down 40-60% from last year, down 80% 1st week of August compared to July and this is my busiest time of the year for fishing items.
tsme35 :
I fish when it isn’t so hot out.
When its hot they buy more being at home, then go when cooler.
But your sales are Down.
You said so.
I fish, but it’s too hot out.
If your statement was true,
You’d be shipping not shouting.