Monthly retail spending highlights are based on Visa’s Retail Spending Monitor, which measures estimated historical performance of certain segments of the U.S. economy across payment types. Visa Retail Spending Monitor reports spending on all forms of payment. Retail sales (sales by establishments engaged in retailing merchandise) in the context of Retail Spending Monitor is a set of industry segments deﬁned by the U.S. Department of Commerce. The Retail Spending Monitor analyzes data in a manner consistent with this deﬁnition for industry segments that are not auto related. The Retail Spending Monitor is based on a sample of aggregated, depersonalized Visa transaction data analyzed utilizing a proprietary economic and statistical model and is not reﬂective of Visa operational and/or ﬁnancial performance. The Retail Spending Monitor is provided on an “as is” basis without any warranties of any kind, express or implied, including, without limitation, as to the accuracy of the data or the implied warranties of merchantability, ﬁtness for a particular purpose, and/or non-infringement. The Retail Spending Monitor is intended for informational purposes only and should not be relied upon for marketing, legal, technical, tax, ﬁnancial or other advice. Visa is not responsible for your use of the information contained herein, including errors of any kind, or any assumptions or conclusions you might draw from its use. Each Retail Spending Monitor report is as of the publication date, and Visa has no obligation to update the data contained therein.