Home Latest News Mastercard: holiday retail sales up 7.6%

Mastercard: holiday retail sales up 7.6%

U.S. retail sales excluding automotive increased 7.6% year-over-year this holiday season, according to the latest SpendingPulse report from Purchase-headquartered MasterCard (NYSE:MA).

In a measurement of in-store and online retail activity between Nov. 1 and Dec. 24, Mastercard reported online sales grew 10.6% compared to the same period last year, with e-commerce accounting for 21.6% of total retail sales, up from 20.9% in 2021 and 20.6% in 2020. In-store sales were up 6.8% year-over-year

Black Friday was the top spending day of the 2022 holiday season, up 12% year-over-year excluding automotive, followed closely by Saturdays in December. In-person dining also generated strong returns, with restaurants activity up 15.1% from one year ago.

“This holiday retail season looked different than years past,” said Steve Sadove, senior advisor for Mastercard and former CEO and chairman of Saks Incorporated. “Retailers discounted heavily but consumers diversified their holiday spending to accommodate rising prices and an appetite for experiences and festive gatherings post-pandemic.”

“Inflation altered the way U.S. consumers approached their holiday shopping – from hunting for the best deals to making trade-offs that stretched gift-giving budgets,” said Michelle Meyer, North America chief economist at the Mastercard Economics Institute. “Consumers and retailers navigated the season well, displaying resilience amid increasing economic pressures.”

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Phil Hall's writing for Westfair Communications has earned multiple awards from the Connecticut Press Club and the Connecticut Society of Professional Journalists. He is a former United Nations-based reporter for Fairchild Broadcast News and the author of 11 books (including the upcoming "100 Years of Wall Street Crooks," published by Bicep Books). He is also the host of the SoundCloud podcast "The Online Movie Show," host of the WAPJ-FM talk show "Nutmeg Chatter" and a writer with credits in The New York Times, New York Daily News, Hartford Courant, Wired, The Hill's Congress Blog, Profit Confidential, The MReport and StockNews.com. Outside of journalism, he is also a horror movie actor - usually playing the creepy villain who gets badly killed at the end of each film.

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