Holiday Retail Sales Increases 3.8% Despite Higher Prices – RVBusiness – Breaking RV Industry News
Sales rose this year during the holiday shopping season even as Americans wrestled with elevated prices for many groceries and other necessities, according to new data cited in a report by the Associated Press.
Holiday sales from the beginning of November through Christmas Eve climbed 3.8%, outpacing the 3.1% increase from a year earlier, according to Mastercard SpendingPulse, which tracks all kinds of payments including cash and debit cards. The last five days of the season accounted for 10% of the spending.
This year, retailers were even more under the gun to get shoppers in to buy early and in bulk since there were five fewer days between Thanksgiving and Christmas.
Michelle Meyer, chief economist at Mastercard Economics Institute, said the holiday shopping season “revealed a consumer who is willing and able to spend but driven by a search for value” as seen by concentrated online spending during the biggest promotional periods.
Sales growth was higher than the 3.2% increase Mastercard SpendingPulse had projected this fall. The data released Thursday excludes the automotive industry and is not adjusted for inflation.
Clothing sales rose 3.6%, with most of the growth being fueled by online shopping. Spending on restaurants, and sales of electronics and jewelry also grew. Online sales jumped 6.7% from a year ago and in-person spending rose 2.9%.
Consumer spending accounts for nearly 70% of U.S. economic activity and economists carefully monitor how Americans use their money, particularly during the holidays, to gauge how they’re feeling financially.
Click here to read the full report by the Associated Press.
