Yahoo Finance Did Your Holiday Shopping Follow National Trend? Mastercard's Data Shows Online Sales Surge And In-Store Rise
Mastercard Incorporated (NYSE: MA) on Tuesday said that U.S. retail sales excluding automotive increased +3.1% year-over-year this holiday season.
According to preliminary insights from Mastercard SpendingPulse, online retail sales increased 6.3% year-over-year, while in-store sales were up a more modest 2.2%.
"This holiday season, the consumer showed up, spending in a deliberate manner," said Michelle Meyer, Chief Economist, Mastercard Economics Institute.
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Online spending is outpacing in-store expenditures, capturing a growing share of the retail market, the banking behemoth said in a press release.
However, in-store shopping still accounts for a significantly larger portion of total retail spending.
"The economic backdrop remains favorable with healthy job creation and easing inflation pressures, empowering consumers to seek the goods and experiences they value most," Meyer added.
Apparel, up +2.4% year over year, was one of the top categories for shoppers this season as consumers shopped for new outfits and upcoming holiday festivities.
The restaurant sector was up +7.8%, while the grocery sector was up +2.1% for the season.
Major sectors that witnessed year-over-year declines this holiday season included Jewelry (down 2%) and Electronics (down 0.4%).
The holiday season lasts from November 1 through December 24, Mastercard said.
Holiday sales figures, propelled by a robust labor market and wage increases, indicate the enduring strength of the economy, The New York Times said in a report.
The Federal Reserve's efforts to curb high inflation through interest rate hikes have tempered economic growth in recent years, yet many economists anticipate achieving a "soft landing," the report added.
Photo via Wikimedia Commons
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