Retailers had a very happy holiday season, according to the new Mastercard (NYSE:MA) SpendingPulse data report.
Nationwide retail sales excluding automotive increased by 3.1% year-over-year during the holiday season, which Mastercard defined as running from Nov. 1 through Dec. 24. Online retail sales were up by 6.3% from one year ago while in-store sales were up by 2.2%. Apparel was a popular holiday shopping item, with a 2.4% year-over-year sector growth, while the restaurant sector recorded a 7.8% annual uptick and grocery sales rose by 2.1% for the season.
“This holiday season, the consumer showed up, spending in a deliberate manner” said Michelle Meyer, chief economist at the 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.”
