Purchase, N.Y. -- A SpendingPulse report Tuesday by MasterCard Advisors, in partnership with Wells Fargo, found that July spending at small retailers slowed to 6% year over year.
This was lower than June’s small retailer growth rate of 8%. The July report also found that with or without food service and gasoline sales, July’s small business growth was the lowest for the past 12 months.
Michael McNamara, global solutions leader, MasterCard SpendingPulse, noted that, “While this is a notable slowdown in the category’s year-over-year growth, from prior months and from the first quarter’s very robust 9.1% growth, we’re still seeing small retailers outperforming total U.S. retail.”
In the United States, small retailers account for over $100 billion in retail sales excluding automobiles per month.