Mastercard SpendingPulse: U.S. Retail Sales Grew +3.1%* This Holiday Season
December 26 2023 - 8:01AM
Business Wire
According to preliminary insights from Mastercard
SpendingPulseTM, U.S. retail sales excluding automotive
increased +3.1% year-over-year this holiday season, running
from November 1 through December 24. Mastercard SpendingPulse
measures in-store and online retail sales across all forms of
payment and is not adjusted for inflation.
“This holiday season, the consumer showed up, spending in a
deliberate manner,” said Michelle Meyer, Chief Economist,
Mastercard Economics Institute. “The economic backdrop remains
favorable with healthy job creation and easing inflation pressures,
empowering consumers to seek the goods and experiences they value
most.”
Key retail trends this holiday season included:
- Shopping Extravaganzas In-Store & Online: Online
retail sales increased +6.3% YOY while in-store sales were up a
more modest +2.2% YOY. Spending online is increasing at a faster
pace than in-store, therefore taking a growing slice of the retail
pie, but shopping in-store still makes up a considerably larger
portion of total retail spending.
- Winter Wardrobe Wonderland: Apparel was one of the top
categories for shoppers this season as consumers shopped for new
outfits and upcoming holiday festivities. The sector was up +2.4%
YOY.
- Season’s Eatings: Culinary celebrations continued as
family and friends gathered in restaurants to ring in the holidays.
The Restaurant sector was up +7.8% YOY, while Grocery was up +2.1%
for the season.
“Retailers started promotions early this season, giving
consumers time to hunt for the best deals and promotions,” said
Steve Sadove, senior advisor for Mastercard and former CEO and
Chairman of Saks Incorporated. “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.”
*Excluding automotive
Mastercard SpendingPulse™ U.S.
Holiday Retail Sales November 1 – December 24, 2023 vs.
2022
2023 vs. 2022
Total retail (ex. auto)
+3.1%
E-commerce sales
+6.3%
In-store
+2.2%
Apparel
+2.4%
Electronics
-0.4%
Grocery
+2.1%
Jewelry
-2.0%
Restaurants
+7.8%
Source: Mastercard SpendingPulse, which
measures in-store and online retail sales across all forms of
payment and is not adjusted for inflation
About Mastercard SpendingPulse
Mastercard SpendingPulse reports on national retail sales across
all payment types in select markets around the world. The findings
are based on aggregate sales activity in the Mastercard payments
network, coupled with survey-based estimates for certain other
payment forms, such as cash and check.
Mastercard SpendingPulse defines “U.S. retail sales” as sales at
retailers and food services merchants of all sizes. Sales activity
within the services sector (for example, travel services such as
airlines and lodging) are not included in the total retail sales
figure. SpendingPulse insights are not indicative of Mastercard
company performance; insights and forecast are subject to
change.
About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments
industry. Our mission is to connect and power an inclusive, digital
economy that benefits everyone, everywhere by making transactions
safe, simple, smart and accessible. Using secure data and networks,
partnerships and passion, our innovations and solutions help
individuals, financial institutions, governments and businesses
realize their greatest potential. With connections across more than
210 countries and territories, we are building a sustainable world
that unlocks priceless possibilities for all.
www.mastercard.com
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Media Contact: Alexandria Pierroz 914-260-1020 |
alexandria.pierroz@mastercard.com
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