New data shows that US fashion retailers’ sales during the crucial holiday season are up year-on-year.
Sales in the apparel sector rose 4.4 percent year-on-year between November 1 and December 24. This is according to the Mastercard SpendingPulse, which measures brick-and-mortar and online retail sales across all payment types and is not adjusted for inflation. Sales of jewelry, on the other hand, fell by 5.4 percent. Total retail sales, excluding the auto sector, rose 7.6 percent.
“This holiday season has looked different than previous years,” said Steve Sadove, senior advisor at Mastercard and former CEO and chairman of Saks Incorporated. “Retailers have offered deep discounts, but consumers have diversified their holiday spending to accommodate rising prices and appetites for post-pandemic experiences and festive gatherings,” he said.
Unsurprisingly, Black Friday was the top performer again, with spending up 12 percent year-on-year (excluding the auto sector). Closely followed by the Saturdays in December.
Online sales remain strong
And despite stores reopening after the pandemic ended, online sales grew 10.6 percent and accounted for 21.6 percent of total retail sales, compared to 20.9 percent in 2021 and 20.6 percent in 2020.
“The channel continues to experience strong growth as consumers prioritize convenience and the availability of discounts,” said Mastercard.
Meanwhile, in-store sales rose 6.8 percent.
The year-over-year growth during the holiday season came as US consumers grappled with rising inflation.
“Inflation changed the way US consumers did their holiday shopping – from chasing the best deals to making compromises that strained gift budgets,” said Michelle Meyer, chief North America economist at the Mastercard Economics Institute. “Consumers and retailers have weathered the season well and shown resilience amid mounting economic pressures,” she said.
This translated and edited post previously appeared on FashionUnited.uk.