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


So far, consumer spending trends are “relatively optimistic” this year. MastercardCNBC’s CEO Michael Miebach said that he was pleased with the holiday results.

Miebach comments on interview “Power Lunch”The Covid omicron variation remains widely used around the globe, even in the U.S. Some retailers offer the product at a discounted price. warned of an impactIt can impact business operations by affecting sales, as well as causing difficulties in staffing stores and distribution centres.

Miebach noted that holiday spending is continuing to show positive trends and “we are moving with the momentum of the holidays season into the New Year”. jumped 8.5%Comparable to last year.

Miebach stated that Mastercard anticipates that spending in the coming year will be supported by savings built up during the Covid pandemic.

Even though Covid-19 case numbers rise, and customers don’t want to go into stores, they will simply shift their spending online.

“Consumers are now more educated. They’ve adapted and want to do more online with digital banking and shopping online,” Miebach said, the man who leads payment processing firm since January 2021.

Mastercard shares ended down by 1% Thursday a down day for Wall StreetOverall, all three U.S. equity benchmarks are in the red. Mastercard shares are up 2.9% in the past year, and have a strong start for 2022. Over the last 12 months, the stock has risen by about 7%. This compares to a gain of more than 22% for the previous year. S&P 500.