US holiday sales up 3.1% from last year
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According to preliminary estimates Mastercard Spendingpulse, U.S. retail sales rose 3.1% during the holiday season compared to last year. The calculation took into account retail sales in stores and online stores, excluding car purchases in the period from November 1 to December 24. Analysts have documented a significant shift toward online shopping this holiday season. Their volume increased by 6.3% compared to the same period last year, while purchases made in stores grew by only 2.2%. However, as the report notes, in-store purchases still account for a significantly larger portion of overall retail spending.
The largest increase in citizens’ spending (+7.8%) is associated with trips to restaurants, where consumers prefer to celebrate the Christmas holidays. The second category in terms of purchase growth was clothing – by 2.4%. Spending on groceries increased by 2.1%. But American consumers spent less on electronics and jewelry this year than in 2022 – by 0.4% and 2%, respectively.
“Consumers have been a conscious spender this holiday season,” said Michelle Meyer, chief economist at Mastercard Economics Institute. “The economic backdrop remains strong, with job creation and easing inflation pressures allowing consumers to seek out the products and experiences they love most. ” Mastercard Spendingpulse does not provide sales figures in monetary terms. The National Retail Federation (NRF) previously projected that sales growth for the holiday season (November 1 to December 31) would be 4% to $966.6 billion.
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