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.”