Saturday, June 22, 2024

Inaugural SpendingPulse report shows rise in retail sales

The first SpendingPulse report from MasterCard Advisors – the professional services arm of MasterCard Worldwide – showed a 3.2 per cent increase year on year in total retail sales in Australia during January.

Clothing stores primarily drove this rise, with sales increasing by 5.8 per cent year on year. Household goods also outperformed total retail sales, producing a year-on-year increase for January of 3.9 per cent. Department stores had the most modest ascent, rising by 2.1 per cent year on year.

“We’ve seen some sound progress in spending over the last few months, despite fragile consumer confidence,” MasterCard Advisors Senior Vice President, Market Insights Sarah Quinlan said. “While we expect to see moderate growth continue in 2016, sustained uncertainty of global markets means that we are unlikely to see any substantial leaps.”

SpendingPulse uses aggregated and anonymous transaction data, along with all other payment forms, including cash, to offer insight into consumer spending trends, providing an early overview of market indices to help retailers, investors, card issuers, banks and government agencies in their decision-making.

The report will be available to subscribers the third week of every month and will share quality insights on consumer spending. The monthly report will also include an overall retail sales and price index, so that subscribers can understand whether spending growth is truly being driven by increased shopping or by inflation or increased promotions.

“With some steady growth in spending over the last few months, it’s the perfect time to launch SpendingPulse in Australia,” MasterCard Australia SVP and Country Manager Andrew Cartwright said. “Providing the most timely and insightful data on retail spending trends available, the new monthly report will offer significant value to both businesses and governments. It also means that Asia Pacific and global companies doing business in Australia will have access to accurate insights they can use to make smarter investment decisions.”

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