US retail sales up 7.6% during holiday season as deals attract consumers (NYSE:MA)
According to a report released by Mastercard, U.S. retail sales jumped 7.6% year-on-year this holiday season as retailers offer steep discounts to lure consumers on the hunt for premium deals. best deals.NYSE:GHOST) in Monday.
data is published by Mastercard SpendingPulse, measures online and in-store retail sales across all forms of payment and excludes auto sales.
E-commerce continued to be the main driver, growing 10.6% year-on-year and accounting for 21.6% of total holiday retail sales, up from 20.9 percent last year and 20.6 percent respectively. % in 2020.
Steve Sadove, senior advisor at Mastercard (GHOST), said in a statement.
Sadove added: “Retailers are slashing prices sharply, but consumers have diversified their holiday spending to match rising prices and a desire for post-modern holiday experiences and gatherings. Translate”.
According to Mastercard SpendingPulse, the holiday period runs from November 1 to December 24.
The 7.6% overall increase in holiday retail sales was higher than the 7.1% expected by Mastercard (GHOST) in September
Restaurants have enjoyed strong performance during the holiday season, with sales up 15.1% year over year, driven by continued growth in in-person dining.
“Inflation has changed the way U.S. consumers approach their holiday shopping – from hunting for the best deals to trading off a protracted gifting budget,” said Michelle Meyer, economist. Head of North America, Mastercard Institute of Economics.
“Consumers and retailers have weathered the season well, demonstrating resilience amid growing economic pressures,” Mr. Meyer added.