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The Key Takeaways
- Mastercard reported that the holiday retail sales increased by 3.8% compared to last year. This was a higher than expected increase, and attributed in part to online shopping.
- Mastercard's SpendingPulse survey showed online sales from Nov. 1 through Dec. 24 grew 6.9% from 2023, while in-store sales were up 2.9%.
- Mastercard said that consumers were looking for bargains and retailers responded with promotional offers.
This year's holiday retail sales topped estimates with a boost from online shopping, according to Mastercard.
Mastercard's SpendingPulse survey found retail sales, excluding auto sales, rose 3.8% in the period from Nov. 1 through Dec. 24 compared to 2023. That's up from 3.1% the year before and above earlier estimates of a 3.2% rise.
Online sales grew 6.9%, largely due to a surge in online spending. In-store sales, on the other hand, grew 2.9%. Mastercard reported that 10 percent of purchases were made in the five final days prior to Christmas.
"The holiday shopping season revealed a consumer who is willing and able to spend but driven by a search for value as can be seen by concentrated e-commerce spending during the biggest promotional periods," said Michelle Meyer, the Mastercard Economics Institute's chief economist.
Jewelry sales rose 4% over the past year, followed by electronics at 3.7% and apparel at 3.6%.
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