Consumer Spending Rises in August
September 02, 2010
According to MasterCard Advisors’ SpendingPulse, a report that tracks national retail and service sales, most U.S. retail industries experienced a slight year-over-year increase in August sales. Total U.S. apparel sales was up 2.6 percent year-over-year in August; consumer electronics and appliances increased on a year-over-year basis, 2.3 percent and 9.4 percent, respectively; and e-commerce sales growth slowed, recording the smallest year-over-year increase so far this year. “Categories such as apparel and electronics appear to have been helped by the back-to-school season, which tends to peak in August, although some spending in apparel can be pushed back into September as parents delay purchasing fall and winter clothing until cooler weather conditions set in," said Michael McNamara, vice president, research and analysis for SpendingPulse. "In addition, the hot and dry conditions we saw in August helped the overall restaurant sector, while the continued volatile financial market's performance negatively impacted the luxury sector and, to a lesser extent, the jewelry sector. We also had tax-free weekends in three large states—Florida, Illinois and Massachusetts—that did not occur last year. As a result, year-over-year comparisons in electronics, office supplies and apparel benefited.”
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