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Key Takeaways
- Holiday retail sales rose 3.8% year-over-year, topping earlier estimates with a boost from online shopping, according to Mastercard.
- Mastercard’s SpendingPulse survey showed online sales from Nov. 1 through Dec. 24 grew 6.9% from 2023, while in-store sales were up 2.9%.
- Mastercard suggested demand was driven by consumers looking for deals, and retailers responding with promotions.
This year’s holiday retail sales topped estimates with a boost from online shopping, according to Mastercard.
Mastercard’s SpendingPulse survey found retail sales, excluding auto sales, rose 3.8% in the period from Nov. 1 through Dec. 24 compared to 2023. That’s up from 3.1% the year before and above earlier estimates of a 3.2% rise.
A surge in spending online helped fuel much of the gains, with online sales up 6.9%. By contrast, in-store sales climbed 2.9%. Mastercard also said that 10% of all the buying took place in the last five days before Christmas.
“The holiday shopping season revealed a consumer who is willing and able to spend but driven by a search for value as can be seen by concentrated e-commerce spending during the biggest promotional periods,” said Michelle Meyer, the Mastercard Economics Institute’s chief economist.
By category, jewelry sales were among those that grew the most, up 4% from a year ago, while electronics rose 3.7%, and apparel sales climbed 3.6%.
