Funviralpark According to Mastercard SpendingPulse, which tracks sales across all payment types, retail sales increased 7.6% during the crucial holiday season from November 1st to Christmas Eve.
Americans chose to eat out while on vacation, with restaurant spending up 15.1% compared to the same period in 2021. Clothing he increased 4.4%, in-store sales increased 6.8%, and online sales increased 10.6%.
Shoppers on Market Street in San Francisco, California, USA, Tuesday, November 29, 2022. U.S. retailers saw moderate growth with heavy discounts over the Black Friday weekend.Photographer: Dove (David Paul Morris/Getty Images/Getty Images via Bloomberg)
Electronics and jewelery fell 5.3% and 5.4% respectively.
“This year’s holiday retail season looked different,” Steve Sadb, a senior adviser to Mastercard and former CEO of Sachs Incorporated, said in a statement. While retailers offered significant discounts, consumers diversified their holiday spending to accommodate rising prices and the desire for post-pandemic experiences and celebration gatherings.”
Shoppers and tourists walk in front of the Saks Fifth Avenue department store in New York on December 21, 2022. (AFP/Getty Images via Ed Jones/Getty Images)
The 7.6% increase marked a slower pace than 2021’s 8.5% increase, but was higher than MasterCard’s expected rate of 7.1%.
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Mastercard SpendingPulse, which measures online and brick-and-mortar sales for all payments except the auto industry, is unadjusted for inflation that has weighed heavily on consumers this year.
People walk through The Grove shopping mall during the holiday shopping season three days before Christmas on December 22, 2022 in Los Angeles, California. (Mario Tama/Getty Images/Getty Images)
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Inflation reached 7.1% last month, down from June’s year-high of 9.1%, but still three times higher than the pre-pandemic average.
“Inflation has changed the way American consumers approach holiday shopping,” said Michelle Mayer, chief economist for North America at Mastercard Economics Institute, in a statement. up to making a trade-off that expands .
