Mastercard: Retail Sales Grew 4.9 Percent
The SpendingPulse report details holiday shopping from November 1 through December 24 and covers retail sales across all payment types, including cash and check.
Key findings of the Mastercard SpendingPulse report include:
- This was a winning holiday season for retail overall, though the story was different category by category.
- For many shoppers, there was no place like home this holiday season. Electronics and appliances increased 7.5 percent, the strongest growth of the last 10 years. The home furniture and furnishings category grew 5.1 percent, as did home improvement.
- Specialty apparel and department stores, which both traditionally see the bulk of sales happen in-store, saw moderate gains. This is particularly impressive given recent store closings.
- Retailers’ heavy early-season promotions paid off, with the first three weeks of November seeing significant jumps.
- In addition, shoppers were still spending late into the season, with December 23 next to Black Friday in terms of single-day spending. This was a boon to certain categories, including jewelry. Jewelry grew 5.9 percent, largely driven by last-minute sales.
About Mastercard SpendingPulse
SpendingPulse reports on national U.S. retail sales across all payments types. The findings are based on aggregate sales activity in the Mastercard payments network, coupled with survey-based estimates for certain other payment forms, such as cash and check. In addition to the United States, SpendingPulse is available in select markets around the world.