U.S. retail sales achieved growth in both channels in March, with clothing and electronics performing outstandingly

It is learned that according to foreign media reports, according to the latest data from Mastercard, US consumer consumption in physical and online channels both increased year-on-year in March 2024.

It is understood that in March 2024, the total retail sales in the United States (excluding automobiles) achieved a year-on-year growth, among which online retail sales increased by 6.1% and physical retail sales increased by 2.6%, both showing a sustained growth trend.

The study of various retail formats found that, driven by the strong growth of e-commerce, total clothing sales increased by 5.4% year-on-year, an increase of 16.1%. In addition, the fastest growing in March was electronic products, with overall sales increasing by 8.7% compared with March 2023. However, the growth of industries related to the housing market continued to lag behind, with the year-on-year growth rate of home improvement sales falling by 2.9% and furniture and furnishings falling by 8.3%.

Michelle Meyer, chief economist at Mastercard Economics, said that in March, apparel consumption accelerated due to rising demand for spring clothing. At the same time, the growth of e-commerce highlights consumers' emphasis on shopping convenience and their preference for finding promotions through different channels.

Editor ✎Rayna/

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