Increasing prices impacting US consumer retail spend

In-store retail spend was up 11.7% in June, compared to a year ago, and overall U.S. consumer retail spend, not counting auto sales, increased 9.5% year-over-year in June.

Those are top findings from a Mastercard SpendingPulse report that measures in-store and online retail sales across all forms of payment, according to a press release.

The June retail sales reflect increasing prices for essentials, such as food and fuel, as well as continued spend on leisure, such as travel.

Meanwhile, discretionary spend drove growth across fashion forward sections in June. Jewelry saw a 16.2% jump in sales.

“Sector by sector, we’re seeing a varied picture of how inflation is impacting essential versus discretionary consumer spending,” Steve Sadove, senior advisor for Mastercard and former CEO and chairman of Saks Inc., said in the release. “One notable highlight is that travel sectors such as airlines and lodging continue to show signs of strong demand.”

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