With summer slowly winding down, consumers are starting their back-to-school shopping, and 2022 looks to be another record-breaking season for retailers online.
In their recently released SpendingPulse report, MasterCard projects 7.5% retail sales growth for back-to-school for both e-commerce and brick-and-mortar retailers in 2022. MasterCard predicts that e-commerce should see an increase of 4.3% over 2021.
While those growth rates may seem modest, e-commerce overall has experienced massive growth, exploding over 89% from 2019 to 2022, due in no small part to the shift to online shopping as a result of the pandemic.
Report analyzed projected sales from July 14, 2022, to September 5, 2022.
Even with concerns about rising costs due to inflation, consumers continue to turn to the internet for their shopping needs and this could be a good gauge of how online sales will look during the upcoming holiday season as well. Back-to-school is traditionally the second biggest season for retailers and is often a good predictor for the ever-important holiday season.
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