MasterCard Inc.
06/10/2021 | Press release | Distributed by Public on 06/10/2021 07:00
Back-to-School U.S. Retail Sales Expected to Grow 5.5%* Compared to Last Year, According to Mastercard SpendingPulse
Anticipated growth builds on positive retail momentum, as total retail sales rose 12%* year-over-year in May, fueled by pent-up demand and reopenings
As students wrap up the current school year, retailers - and parents - are already preparing for a robust back-to-school shopping season as more kids head back into the classroom. According to Mastercard SpendingPulse™, which measures in-store and online retail sales across all forms of payment, U.S. retail sales are expected to grow 5.5% excluding automotive and gas during the critical July 15 through September 6 back-to-school period compared to 2020. Compared to 2019, sales are expected to grow 6.7%.
'Back to school has always been a prime season for retailers. This year, the broader reopening brings an exciting wave of optimism as children prepare for another school year, and the grown-ups in their lives approach a similar 'return to office' scenario,' said Steve Sadove, senior advisor for Mastercard and former CEO and Chairman of Saks Incorporated. 'This back-to-school season will be defined by choice as online sales remain robust, brick and mortar browsing regains momentum and strong promotions help retailers compete for shoppers' wallets.'