Retail

Mastercard expects spending to rise 5.5%

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Luke Sharrett | Bloomberg | Getty Images

The back-to-school season is usually a time of new beginnings, but consumers are more eager than usual for a fresh start after the pandemic. That emotion will fuel spending, according to a new forecast.

Back-to-school sales in the U.S. are expected to grow 6.7% from 2019 and 5.5% from last year’s Covid days, according to a forecast by Mastercard SpendingPulse. The company uses nonautomotive spending patterns online and in stores to make retail projections for the period that spans from mid-July to early September.

The sales season is typically a major driver for retailers as families buy school supplies, clothes and college dorm decor. This year,…



Source cnbc.com

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