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 * Self-Service Innovation Summit — December 14-16, 2022 | Hollywood, FL

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CONSUMER BEHAVIOR


HOLIDAY SEASON SALES GROWTH MAY HIT OVER 7%

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Sept. 14, 2022

The U.S. retail sales this holiday season are expected to grow 7.1%, compared to
last year, despite inflation and reported cutback by consumers when it comes to
spending.

That's the prime finding of the Mastercard Spending Pulse annual holiday
forecast.

"This holiday season, consumers may find themselves looking for ways to navigate
the inflationary environment — from searching for deals to making trade offs
that allow for extra room in their gift-giving budgets," Michelle Meyer, U.S.
chief economist, Mastercard Economics Institute, said in a press release on the
report's prediction. "New job creation, rising wages and lingering savings
should have many consumers ready and able to spend."

Last year's holiday season brought a sales growth of over 8.5% and that growth
was due to pent up consumer demand given the two years of the COVID-19 pandemic
that sent shoppers online.

The report also noted that shoppers were likely to begin buying early this
holiday season and on the quest for early season deals.

That may prove to be a boon for Amazon which announced this summer it would hold
a second Prime Day sales event sometime this fall.

Yet consumers are also clearly returning to the brick-and-mortar shopping
experience, according to the Mastercard study, as in-store retail sales are
expected to increase 7.9%, compared to last year. In-store spending has made up
more than four out of five retail sales between January of this year and August.

"This holiday retail season is bound to be far more promotional than the last,"
Steve Sadove, senior advisor for Mastercard and former CEO and chairman of Saks
Inc., said in the release.

"Easing supply chain issues coupled with the rapid shift in consumer spending
trends and over ordering inventory have left retailers in an interesting
position ahead of the holidays. Retailers that were able to clear past
merchandise and accurately forecast inventory needs will be the best positioned
for growth."



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