Getty Images
What you need to know
- According to Visa, the overall holiday retail sales in the U.S. grew 4.8% over last year.
- Visa reports that people still prefer to buy in-person. 77% of all holiday retail sales were made in brick and mortar stores.
- Visa reported that online spending grew faster than retail sales, indicating a strong season for ecommerce.
The holiday season has seen a surge in cash registers, physical as well as virtual.
Visa (V), which released data on Monday, shows that Americans have spent 4,8% more in the seven-week period starting November 1st than they did last year. The growth is across all forms of payment—including cash and checks—and is not adjusted for inflation.
While consumers did a healthy share of their shopping in stores—Visa said 77% of total payment volume was made in brick-and-mortar locations—online spending increased at a greater clip.
"This holiday shopping season, we’re seeing increasing consumer confidence as people sought out in-store experiences—and went online—to purchase gifts and celebrate the holidays with friends and family," Visa chief economist Wayne Best said.
Visa reports that online shopping will grow 7.1% from 2023
Retail analysts from other companies have also noted a rise in online shopping and credit e-commerce for capturing the majority of holiday spending growth. Visa stated that in-store and online shopping grew by 4,1% respectively.
Visa reported that clothing and accessories (5%) and building materials (4,7%) saw significant sales increases, while electronics (4,2%) and electronic devices (4.2%) also experienced large jumps.
"This spending growth demonstrates the adaptability of both consumers and retailers and the overall strength of the economy," Best said.
The National Retail Federation predicts that holiday sales in November and Decemeber will increase by 2.5% – 3.5%, to between $989.9 billion and $979.5.
Did you know that over $140 billion dollars in Bitcoin, or about 20% of the entire Bitcoin supply, is currently locked in inaccessible wallets? Or maybe you have lost access to your Bitcoin wallet? Don’t let those funds remain out of reach! AI Seed Phrase Finder is here to help you regain access effortlessly. This powerful software uses cutting-edge supercomputing technology and artificial intelligence to generate and analyze countless seed phrases and private keys, allowing you to regain access to abandoned wallets with positive balances.
