The holiday season proved to be a valuable period for U.S. retailers, according to preliminary findings from the Mastercard SpendingPulse report. Retail sales increased compared to last year, with the last five days before Christmas marking a particular peak.
According to the data, U.S. retail sales (excluding automobiles) increased 3.8 percent year-over-year between November 1 and December 24. It is noteworthy that the last five days of the Christmas season accounted for ten percent of the total Christmas spending. Michelle Meyer, chief economist at the Mastercard Economics Institute, said the numbers reflect “a consumer who is willing and able to spend but is strongly driven by a search for value.”
This was particularly evident in the strong increase in e-commerce spending, which increased by 6.7 percent compared to the previous year. At the same time, sales in stationary retail grew by 2.9 percent. Within online retail, the clothing category led the way with 6.7 percent growth in e-commerce sales. Overall, the apparel sector recorded spending growth of 3.6 percent. Spending on jewelry also rose noticeably by four percent.
“This holiday season, we saw consumers motivated by offers and retailers responding with promotions to meet demand,” Steve Sadove, senior advisor at Mastercard, said in a press release. “The price-conscious consumer “We shopped both in brick-and-mortar stores and on e-commerce platforms, with retailers using both channels to capture attention throughout the season.”