US retail sales, excluding automotive, has grown 3.1% year-over-year (YoY) during the holiday period from 1 November to 24 December.
This increase was revealed in a report by Mastercard SpendingPulse, which provides preliminary insights on national retail sales across all the payment types in specific markets globally.
Mastercard SpendingPulse tracks both in-store and online retail sales across multiple payment forms and the data is “not adjusted” for inflation.
As per the 2023 preliminary insights, online retail sales in the US were up by 6.3% YoY and in-store sales recorded a YoY increase of 2.2%.
The figures further showcase that people are spending more on online shopping platforms, compared to in-store shopping.
However, shopping in-store still takes a notably larger portion of total retail spending, Mastercard added.
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Mastercard Economics Institute chief economist Michelle Meyer said: “This holiday season, the consumer showed up, spending in a deliberate manner.
“The economic backdrop remains favourable with healthy job creation and easing inflation pressures, empowering consumers to seek the goods and experiences they value most.”
During this holiday season, Apparel came in as one of the top categories for shoppers, with an increase of 2.4% on YoY basis.
Restaurant sector recorded a YoY rise of 7.8%, while Grocery sector was up by 2.1%.
Retail sales in the Jewellery and Electronics sectors declined by 2% and 0.4%, respectively.
Mastercard senior advisor and Saks former CEO and chairman Steve Sadove said: “Retailers started promotions early this season, giving consumers time to hunt for the best deals and promotions.
“Ultimately it was about getting the most bang for your buck as consumers spent on a variety of goods and services, resurfacing spending trends from before the pandemic.”