Overall, the card company expects spending to rise over 2019 pre-pandemic levels this holiday season, despite the uncertain economic environment, including inflation and higher interest rates. Indeed, Mastercard expects total retail sales, excluding auto, to jump 18.8% over the 2019 period. That’s a trend that’s been picking up this year.
Spending on services has also climbed compared to pre-pandemic levels, a report from RBC Capital Markets regarding the Mastercard data noted. Restaurant spending in August got a 14.8% bump year-over-year and logged a 43.7% increase compared to August 2019, according to Mastercard. Meanwhile, lodging increased 38.4% year-over-year and 40.5% from August 2019, the card company said.
