Mastercard SpendingPulse: U.S. Retail Sales Grew 5.1 Percent This Holiday Season
December 26 2018 - 7:01AM
Business Wire
A robust shopping season from before Thanksgiving through
Christmas has given retailers much to cheer about this year.
According to Mastercard SpendingPulse™, which provides insights
into overall retail spending trends across all payment types,
including cash and check, holiday sales increased 5.1 percent to
more than $850 billion this year – the strongest growth in the last
six years. Online shopping also saw large gains of 19.1 percent
compared to 2017.
“From shopping aisles to online carts, consumer confidence
translated into holiday cheer for retail,” said Steve Sadove,
senior advisor for Mastercard and former CEO and Chairman of Saks
Incorporated. “By combining the right inventory with the right mix
of online versus in-store, many retailers were able to give
consumers what they wanted via the right shopping channels.”
The Mastercard SpendingPulse report details holiday shopping
from November 1 through December 24. Key findings of the report
indicate that despite weather challenges, this was a winning
holiday season for retail overall; however, the story was different
category by category:
- Total apparel had a strong season with
a growth rate of 7.9 percent compared to 2017, recording the best
growth rate since 2010. The category followed through on a strong
momentum that started during the back-to-school season and
accelerated through fall right up to Christmas.
- Home improvement spending continued to
surge across the U.S. with spending during the holiday season up
9.0 percent. This trend started before the holiday season and
helped the sector power through to a strong finish.
- Department stores finished the season
with a 1.3 percent decline from 2017. This follows two years with
growth below 2 percent, some of which can be attributed to store
closings. However, the online sales growth for department stores
indicated a more positive story, with growth of 10.2 percent.
- Electronics and appliances were down
0.7 percent. The home furniture and furnishings category grew 2.3
percent.
Poor weather did pose an issue during some primetime shopping
periods. This included cold weather on Black Friday morning on the
East Coast and wet weather conditions the weekend of December
15-16, on both the East and West coasts. Conditions were also less
than ideal on Friday, December 21, in the East, with storms that
impacted the final run of the season.
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.
About Mastercard
Mastercard (NYSE: MA), www.mastercard.com, is a
technology company in the global payments industry. Our global
payments processing network connects consumers, financial
institutions, merchants, governments and businesses in more than
210 countries and territories. Mastercard products and
solutions make everyday commerce activities – such as shopping,
traveling, running a business and managing finances – easier, more
secure and more efficient for everyone. Follow us on
Twitter @MastercardNews, join the discussion on
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Mastercard Communications ContactChaiti SenEmail:
chaiti.sen@mastercard.comTel: 914.263.6542
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