Mastercard CEO says spending trends look ‘relatively positive’ in 2022

Consumer spending trends appear “relatively positive” so far this year, Mastercard CEO Michael Miebach told CNBC on Thursday following a number of public holidays.

Miebach’s comments in an interview on “Power Lunch” come as the Covid omicron variant remains prevalent around the world, including the United States Some retailers have warned of impacting business operations, saying it is hurting businesses. sales and was causing personnel problems in stores and distribution centers alike.

“We come with a momentum of the holiday season into the New Year and the trends continue to be relatively positive,” Miebach said, noting that holiday spending jumped 8.5% from last year. .

Mastercard expects this year’s spending to be made easier by savings accumulated during the Covid pandemic, Miebach said.

Even if the cases of Covid-19 increase and consumers don’t feel comfortable walking into a store, they will simply shift their spending to online channels, he explained.

“Consumers have learned. They have adapted and they are showing all signs of wanting to do more online in digital banking and online shopping etc.,” said Miebach, who has headed the payment processing giant since. January 2021.

Mastercard shares closed less than 1% on Thursday, a day down for Wall Street overall with all three major US stock indexes in the red. Mastercard shares have got off to a good start in 2022, up 2.9% year-to-date. The stock has risen around 7% in the past 12 months, compared to a gain of over 22% for the S&P 500.

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