Mastercard SpendingPulse: Canadian retail sales grew 3.8%* year-over-year in November as consumers prioritize experiences ahead of the holidays
December 20, 2022According to Mastercard SpendingPulseTM, which measures in-store and online retail sales across all forms of payment, Canadian retail sales, excluding automotive, increased +3.8% YOY, (+15.6% YO3Y) in November. While E-commerce sales were down this month -3% YOY, growth remains strong since pre-pandemic at +56.2% YO3Y. In-store sales in November were up +5.3% YOY (+7.3% YO3Y). Mastercard SpendingPulse accounts for nominal spending and is not adjusted for inflation.
“While Canadians are navigating today’s economic challenges, impacting how they make purchasing decisions, there has been continued spend on discretionary purchases this holiday season,” said Steve Sadove, senior advisor for Mastercard and former CEO and Chairman of Saks Incorporated. “Even during an unpredictable time, Canadians are out spending with growth in certain sectors like Restaurants and Fuel & Convenience.”
Canadian retail sales on Black Friday (November 25) were up +5.6% YOY, with Apparel (+6.6% YOY) and Electronics (+5.8% YOY) among the sectors showing sales growth. In-Store sales saw an increase in spend at +7.5% YOY on Black Friday, indicating a strong return to in-person shopping this holiday season.
*Excluding Automotive
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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 “U.S. retail sales” as sales at retailers and food services merchants of all sizes. Sales activity within the services sector (for example, travel services such as airlines and lodging) are not included. For more information about Mastercard SpendingPulse or to subscribe, visit product page or the AWS Data Exchange.
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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