Retail sales jumped 7.6% during the critical holiday season that runs from Nov. 1 to Christmas Eve, according to Mastercard SpendingPulse, which tracks sales across all payment types.
Americans chose to eat out during the holidays, with restaurant spending up 15.1% over the same time frame in 2021. Clothing rose 4.4%, while in-store sales rose 6.8% and online sales rose 10.6%.
Electronic and jewelry fell 5.3% and 5.4% respectively.
"This holiday retail season looked different than years past," Steve Sadove, a senior adviser at Mastercard and former CEO of Saks Incorporated, said in a statement. "Retailers discounted heavily but consumers diversified their holiday spending to accommodate rising prices and an appetite for experiences and festive gatherings post-pandemic."
The 7.6% increase marked a slower pace than the 8.5% increase in 2021, but it was higher than MasterCard's expected 7.1% rate.
AFFORDING GIFTS DURING THE HOLIDAYS HAS BECOME MORE DIFFICULT FOR MANY AMERICANS, POLL FINDS
Mastercard SpendingPulse measures online and in-store sales across all payments excluding the automotive industry and is not adjusted for inflation, which has weighed on consumers this year.
CLICK HERE TO READ MORE ON FOX BUSINESS
Inflation hit 7.1% last month, down from the high for the year of 9.1% in June but still three times higher than the pre-pandemic average.
"Inflation altered the way U.S. consumers approached their holiday shopping – from hunting for the best deals to making trade-offs that stretched gift-giving budgets," Michelle Meyer, North America chief economist for the Mastercard Economics Institute, said in a statement.
Business - Latest - Google News
December 27, 2022 at 08:15AM
https://ift.tt/KuCribX
Retail sales jump 7.6% during critical holiday shopping season - Fox Business
Business - Latest - Google News
https://ift.tt/PNQoktO
Bagikan Berita Ini
0 Response to "Retail sales jump 7.6% during critical holiday shopping season - Fox Business"
Post a Comment