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U.S. retail sales rose 7.6% Y/Y this holiday season as retailers provided steep discounts which lured consumers hunting for the best deals, according to a report released by Mastercard (NYSE:MA) on Monday.
The data was published by Mastercard SpendingPulse, which measures in-store and online retail sales across all forms of payment and excludes automotive sales.
E-commerce continued to be a major driver, growing 10.6% Y/Y and making up 21.6% of total holiday retail sales, which was up from the 20.9% last year and the 20.6% in 2020.
“This holiday retail season looked different than years past,” Steve Sadove, senior advisor for Mastercard (MA), said in a statement.
“Retailers discounted heavily but consumers diversified their holiday spending to accommodate rising prices and an appetite for experiences and festive gatherings post-pandemic,” Sadove added.
According to Mastercard SpendingPulse, the holiday season ran from Nov. 1 through Dec. 24.
The overall 7.6% rise in holiday retail sales was higher than the 7.1% anticipated by Mastercard (MA) in Sept.
Restaurants put up a strong performance during the holiday season, with sales rising 15.1% Y/Y, helped by continued growth in in-person dining.
“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,” said Michelle Meyer, North America chief economist, Mastercard Economics Institute.
“Consumers and retailers navigated the season well, displaying resilience amid increasing economic pressures,” Meyer added.
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