Shifts in household savings, economic growth, leisure travel recovery, and consumer spending on “stuff” vs. “experiences” are in focus as businesses continue to move digital.
Ahead of the pandemic’s second-year milestone, the Mastercard Economics Institute released Economy 2022, a global outlook for the coming year. Based on critical trends, the report reveals how five fundamental factors — savings and spending, supply chains, digital acceleration, travel, and a growing list of economic risks — will continue to shape the global economy.
“Although the past year remained shrouded in uncertainty, we are optimistic about the year ahead, and expect 2022 to be the year of travel recovery for Asia,” said David Mann, Chief Economist, Mastercard AP & MEA. “Whilst the recovery trend across the region may be non-linear, we anticipate pent-up demand and savings will finally be released by consumers, evidenced by the recovery of ‘out-and-about’ categories such as apparel and beauty. The continued strength in e-commerce and pandemic categories such as home improvements and hobbies will also be bolstered by a steady rise in the subscription economy, painting a positive picture despite the lingering threats of new variants, inflation and supply chain disruption.”
The Mastercard Economics Institute draws on aggregated and anonymized sales activity in the Mastercard network among other sources to develop a measure of the quantity and prices of goods vs services consumed for economies throughout the world.
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About Mastercard Economics Institute
Mastercard Economics Institute launched in 2020 to analyze macroeconomic trends through the lens of the consumer. A team of economists, analysts and data scientists draws on Mastercard insights - including Mastercard SpendingPulse™ - and third-party data to deliver regular reporting on economic issues for key customers, partners and policymakers.
About Mastercard (NYSE:MA)
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.