US holiday retail sales grew 8.5% YoY: Mastercard SpendingPulse

0
265




Holiday retail sales excluding automotive increased 8.5 per cent year-over-year this holiday season, running from November 1 through December 24. Notably, online sales grew 11 per cent compared to the same period last year, according to a recent report by Mastercard SpendingPulse that measures in-store and online retail sales across all forms of payment.

Findings from Mastercard SpendingPulse underscore the strength of the holiday shopper across channels, with consumers returning to stores (8.1 per cent YOY), and e-commerce continuing to expand, up 11 per cent compared to 2020.

“Shoppers were eager to secure their gifts ahead of the retail rush, with conversations surrounding supply chain and labour supply issues sending consumers online and to stores in droves,” Steve Sadove, senior advisor for Mastercard and former CEO and chairman of Saks Incorporated, said in a press release. “Consumers splurged throughout the season, with apparel and department stores experiencing strong growth as shoppers sought to put their best dressed foot forward.”

Holiday retail sales excluding automotive increased 8.5 per cent year-over-year this holiday season, running from November 1 through December 24. Notably, online sales grew 11 per cent compared to the same period last year, according to a recent report by Mastercard SpendingPulse that measures in-store and online retail sales across all forms of payment.

Continuing a key trend from 2020, US consumers shopped earlier than in years past, as retailers offered special promotions early and then again later in the season as shoppers raced to secure ‘guaranteed by Christmas’ shipping offers. Looking at Mastercard’s expanded holiday season, total retail sales were up 8.6 per cent YOY for the 75 days between October 11 and December 24.

Black Friday marked the top spending day of the 2021 holiday season yet again. For the Thanksgiving weekend running Friday, November 26 through Sunday, November 28, shoppers drove US retail sales up 14.1 per cent YOY. In-store sales also rebounded, increasing 16.5 per cent YOY while e-commerce sales experienced sustained growth, up 4.9 per cent YOY.

This holiday season, e-commerce made up 20.9 per cent of total retail sales, up from 20.6 per cent in 2020 and 14.6 per cent in 2019. The channel continues to experience elevated growth as consumers enjoy the ease of holiday browsing and buying in the comfort of their own homes.

Fibre2Fashion News Desk (KD)





Source link