Holiday Sales Jump 8.5% as U.S. Consumers Return to Retailers
Sales grew across the board, both in stores and online, for the holiday season defined as Nov. 1 to Dec. 24.
(Bloomberg) -- U.S. holiday sales jumped 8.5% from last year as consumers spent more money on clothes, jewelry and electronics, a report from Mastercard SpendingPulse showed.
Sales grew across the board, both in stores and online, for the holiday season defined as Nov. 1 to Dec. 24. Consumers started searching for gifts earlier than usual with supply chains roiling retailers and stores offering more promotions to jumpstart the holiday shopping season.
“Shoppers were eager to secure their gifts ahead of the retail rush, with conversations surrounding supply chain and labor supply issues sending consumers online and to stores in droves,” Steve Sadove, a senior adviser for Mastercard and former chief executive officer of Saks Inc., said in a statement Sunday.
Sales surged 47% for apparel, 32% for jewelry and 16% for electronics compared with 2020, with all three categories up at least 20% from their pre-pandemic levels in 2019 as well. Department stores saw a 21% jump from last year and gained 11% from two years ago.
Online shopping surged 11%, according to the report, which tracks retail sales across all payment types. E-commerce now accounts for roughly 21% of all holiday sales.
People shopped earlier than in years past, which Mastercard says continues a trend that started last year. Even so, Black Friday maintained its position as the most important shopping day of the holiday season, Mastercard reported.
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