Preliminary insights from Mastercard SpendingPulse reveal a notable deceleration in US holiday retail sales compared to the robust performance of 2022. Discerning consumers, in pursuit of value and promotions, shaped a season marked by a 3.1% increase in retail sales (excluding autos) from Nov. 1 through Dec. 24, in contrast to the previous year. This data, sourced from Mastercard’s payment networks and supplemented by survey-based estimates, underscores a shift from the 7.6% holiday sales growth observed in 2022.
Michelle Meyer, Chief Economist of Mastercard Economics Institute, noted that consumers exhibited a «deliberate» spending approach during this period.
Holiday retail sales serve as a crucial indicator for the US economy, showcasing resilience despite recent uncertainties. November witnessed an unexpected uptick in retail sales, partially attributed to lower gasoline prices offering relief to shoppers. However, businesses report mixed results, indicating a prevailing sense of cautious consumer spending.
Breaking down the latest figures, online sales surged by 6.3%, outpacing in-store sales growth at 2.2%. Noteworthy gains were recorded in the restaurant and apparel sectors, while spending on jewelry and electronics experienced declines.
