According to new statistics, sales rose this year during the holiday shopping season, even though Americans struggled with high prices for many necessities and other goods.
Holiday sales from early November through Christmas Eve grew 3.8%, above last year’s 3.1% growth, according to Mastercard SpendingPulse, which tracks all payments, including cash and debit cards. The previous five days of the season accounted for 10% of the total spending. This year, businesses were under even more pressure to persuade shoppers to buy in bulk and in advance because there were five fewer days between Thanksgiving and Christmas.
Michelle Meyer, chief economist at the Mastercard Economics Institute, asserted that the holiday shopping season “revealed a consumer willing and able to spend but driven by a search for value,” as evidenced by concentrated online spending during the busiest promotional times.
This fall, sales growth surpassed Mastercard SpendingPulse’s projected 3.2% increase. The report, which was released on Thursday, excludes the auto industry and is not adjusted for inflation.
The 3.6% increase in garment sales was primarily due to online purchasing. Spending at restaurants rose in tandem with sales of jewelry and electronics. Online sales rose 6.7%, while in-person spending climbed 2.9% over the prior year.
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