- Consumer spending trends look “relatively positive” so far this year, Mastercard CEO Michael Miback told CNBC on Thursday.
- The comments come as some retailers say the Covid Omron version is impacting business operations.
Consumer spending trends look “relatively positive” so far this year, Mastercard CEO Michael Miback told CNBC on Thursday after strong holiday numbers.
Mibach’s comments in an interview on “Power Lunch” come as the COVID-19 version is widespread across the world, including the US. Some retailers have warned of the impact on business operations, saying it is hurting sales. and is causing staffing challenges in stores and distribution centers. alike.
“We’re approaching the new year with the pace of the holiday season and trends look relatively positive,” Mibach said, noting that holiday spending jumped 8.5% compared to last year.
Mastercard expects spending this year to be helped by accumulated savings during the COVID pandemic, Mibach said.
Even if Covid-19 cases rise and consumers do not feel comfortable going to the store, they will spend only on online channels, he explained.
“Consumers have learned. They have adapted, and they show all signs of willingness to do more online in digital banking and online shopping etc.,” said Mibach, who has led the payment processing giant since January 2021.
Shares of Mastercard closed up less than 1% on Thursday, with all three major US equity indexes closing in the red for Wall Street overall. Mastercard shares are off to a solid start in 2022, up 2.9% year over year. The stock is up nearly 7% over the past 12 months, compared to a more than 22% gain for the S&P 500.