Mastercard SpendingPulse: U.S. Retail Sales Grew 7.6%* This Holiday Season
PURCHASE, N.Y.--(BUSINESS WIRE)--Dec 26, 2022--
According to Mastercard SpendingPulse TM, U.S. retail sales excluding automotive increased 7.6% year-over-year this holiday season, running from November 1 through December 24. Mastercard SpendingPulse measures in-store and online retail sales across all forms of payment and is not adjusted for inflation.
“This holiday retail season looked different than years past,” said Steve Sadove, senior advisor for Mastercard and former CEO and Chairman of Saks Incorporated. “Retailers discounted heavily but consumers diversified their holiday spending to accommodate rising prices and an appetite for experiences and festive gatherings post-pandemic.”
Key trends this holiday season, included:
- E-commerce shoppers ‘add to cart’: Online sales grew 10.6% compared to the same period last year, the preliminary insights show. This holiday season, e-commerce made up 21.6% of total retail sales, up from 20.9% in 2021 and 20.6% in 2020. The channel continues to experience elevated growth as consumers prioritize convenience and availability of discounts.
- Weekend shopping reigns supreme: Black Friday sustains its title as the top spending day of the 2022 holiday season, up +12% year-over-year excluding automotive. This was followed closely by Saturdays in December.
- Ringing in the holidays in restaurants: Building on the ongoing demand for experiences, in-person dining continued to show strong momentum with restaurants up 15.1% YOY. From gatherings with co-workers to dinners out with friends and family, the festive season brought consumers out for the holidays.
“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.”
2022 vs. 2021
Total retail (ex. auto)
Source: Mastercard SpendingPulse, which measures in-store and online retail sales across all forms of payment and is not adjusted for inflation
About Mastercard SpendingPulse
Mastercard SpendingPulse reports on national retail sales across all payment types in select markets around the world. The findings are based on aggregate sales activity in the Mastercard payments network, coupled with survey-based estimates for certain other payment forms, such as cash and check.
Mastercard SpendingPulse defines “U.S. retail sales” as sales at retailers and food services merchants of all sizes. Sales activity within the services sector (for example, travel services such as airlines and lodging) are not included in the total retail sales figure. Holiday spending insights are preliminary.
About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
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CONTACT: Alexandria Pierroz
KEYWORD: NEW YORK UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: TECHNOLOGY DEPARTMENT STORES FINANCE ELECTRONIC COMMERCE SPECIALTY PROFESSIONAL SERVICES RESTAURANT/BAR DATA ANALYTICS RETAIL ONLINE RETAIL
SOURCE: Mastercard Investor Relations
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PUB: 12/26/2022 07:01 AM/DISC: 12/26/2022 07:02 AM