Retail sales, excluding automotive, grew in the United States by 7.6% in the November 1 through December 24 holiday season versus the same period in 2021, as announced by Mastercard SpendingPulse.
The market research conducted by Mastercard SpendingPulse measures in-store and online retail and foodservice revenues across all forms of payment and is not adjusted for inflation.
Mastercard noted that key research findings include:
- Online sales grew 10.6% versus the same period last year, making up 21.6% of total retail sales, up from 20.9% in 2021 and 20.6% in 2020.
- Black Friday held onto its title as the top holiday spending day, up 12% from the occasion in 2021.
- In-person dining demonstrated momentum with restaurant sales up 15.1% versus holiday 2021, building on demand for experiences.
Mastercard added that e-commerce continues to experience elevated growth as consumers prioritize convenience and availability of discounts. In the meantime, in-store sales increased 6.8% in the holiday season year over year. Of the five categories Mastercard broke out, restaurant sales gained 15.1% while apparel store sales grew 4.4%, department store sales gained 1%, electronics store sales declined 5.3% and jewelry store sales slipped 5.4% when compared with holiday 2021.
“This holiday retail season looked different than years past,” said Steve Sadove, Mastercard senior advisor and former CEO and chairman of Saks Inc., said in announcing the data “Retailers discounted heavily but consumers diversified their holiday spending to accommodate rising prices and an appetite for experiences and festive gatherings post-pandemic.”
Michelle Meyer, chief economist, U.S., Mastercard Economics Institute, added, “Inflation altered the way U.S. consumers approached their holiday shopping, from hunting for the best deals to making trade-offs that stretched gift-giving budgets. Consumers and retailers navigated the season well, displaying resilience amid increasing economic pressures.”
