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The Key Takeaways
- Mastercard released a report that shows U.S. Black-Friday retail sales are up 3.4% compared to last year.
- Mastercard SpendingPulse said that e-commerce sales increased 14.6%, but in-stores sales only rose 0.7%.
- In the last few quarters, retailers reported that U.S. customers were waiting on sales in order to purchase desired items.
Mastercard’s (MA) report shows that retailers have succeeded in attracting U.S. consumers to Black Friday. The holiday shopping period following Thanksgiving has seen a significant increase in spending.
According to Mastercard SpendingPulse, U.S. Retail Sales excluding Automotive were up by 3.4% on Black Friday compared with the previous year. However, e-commerce rose 14.6%, while in-stores sales only increased 0.7%.
According to the report, jewelry, electronics and apparel are the most popular gift categories. Online sales of apparel were particularly high on Black Friday, as the temperatures in many parts of the United States cooled down before the holiday.
"Black Friday was a good indicator of how the holiday season is positively shaping up," Mastercard Economics Institute chief economist Michelle Meyer said. "Our real-time insights show that consumers are comfortably in the gift-giving spirit as price reductions and deals occur across sectors, supporting budgets for holiday shopping."
According to the survey, Black Friday retail sales rose 2.5% in 2018. Online sales increased 8.5% but slightly more than 1.1%. Mastercard, along with other companies, found that a growing number of customers are using “buy now, pay later” Black Friday services last year.
Promos now extend beyond single-day events
Black Friday and Cyber Sunday used to be two separate holidays that were aimed at driving online and in-person sales. Retailers have gradually expanded their promotions in order to attract shoppers. “Black Friday” Black Friday deals and sales are offered online and in stores before Thanksgiving.
Mastercard, a major credit card company, noted that customers were prioritizing their patience in order to maximize the value of their budget.
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