An early read from Mastercard SpendingPulse reveals retail sales in the United States, excluding automotive, gained 3.1% year-over-year in the 2023 holiday season running November 1 through December 24.
For the holiday season, online sales advanced 6.3% from the 2022 timeframe, while in-store sales were up 2.2%, the company noted. Of the categories Mastercard breaks out, restaurants had the biggest holiday sales gains, up 7.8% year over year, followed by apparel, up 2.4%, and grocery, up 2.1%. In contrast, electronics sales slipped by 0.4% and jewelry sales declined by 2% versus the 2022 holiday period.
“This holiday season, the consumer showed up, spending in a deliberate manner,” said Michelle Meyer, chief economist, Mastercard Economics Institute. “The economic backdrop remains favorable with healthy job creation and easing inflation pressures, empowering consumers to seek the goods and experiences they value most.”
Steve Sadove, senior advisor for Mastercard and former CEO and chairman of Saks Inc., added, “Retailers started promotions early this season, giving consumers time to hunt for the best deals and promotions. Ultimately, it was about getting the most bang for your buck as consumers spent on a variety of goods and services, resurfacing spending trends from before the pandemic.”
Mastercard SpendingPulse measures in-store and digital retail sales across all forms of payment and is not inflation-adjusted.
