PURCHASE, N.Y.–(BUSINESS WIRE)– According to preliminary insights from… MasterCard (NYSE:) SpendingPulse™US retail sales excluding automobiles It increased by 3.8% year-on-year From November 1st until December 24th. Mastercard SpendingPulse measures in-store and online retail sales, which represent all payment types and are not adjusted for inflation.
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Mastercard SpendingPulse U.S. Holiday Retail Sales November 1-December 24, 2024 vs. 2023. (Chart: Business Wire)
The holiday shopping season revealed a consumer willing and able to spend but driven by the search for value as evidenced by heavy e-commerce spending during larger promotional periods, said Michelle Mayer, chief economist at the MasterCard Institute of Economics. Strong spending this holiday season underscores the strength we've seen from consumers all year, supported by a healthy labor market and household wealth gains.
Key retail trends for the full holiday season included:
- The “most valuable” time of the year “Empowering consumers sought value at every turn this year, responding to promotions during the November shopping period and Black Friday, and filling their baskets in the run-up to December 24. Total retail sales saw a 3.8% increase compared to 2023, with the five days representing The last of the holiday season is 10% of total holiday spending.
- Balanced basket “Consumer demand for experiences such as dining out strengthened this holiday season, with restaurant spending growth up 6.3% compared to last year. Additionally, this season saw increased growth in spending on goods compared to last year, with apparel (3.6% ), jewelry (4.0%) and electronics (3.7%) are prominent gift-giving sectors.
- Clicking all the way “Consumers have increasingly preferred digital-first shopping this year, with e-commerce, curbside pickup and delivery top of mind during the holiday season. Online retail sales rose 6.7% year over year, while in-store sales increased 2.9%. It is noteworthy that the clothing sector showed strong leadership in e-commerce sales, with a 6.7% growth in online purchases compared to last year.
- Digitally intelligent shopping cities ” While many Americans shop online for the holidays, there are some cities in particular that have embraced e-commerce. Cities like Tampa (10.6%) and Phoenix (10.0%) lead with double-digit growth followed by Minneapolis (8.9%), and Dallas (8.4%) , Charlotte (7.9%), Orlando (7.8%), and Houston (7.6%) come in well above the national total for e-commerce sales compared to 2023.
This holiday season, we've seen consumers drive deals and retailers respond with promotions to meet demand, said Steve Sadoff, a senior advisor to Mastercard and former CEO and chairman of Saks Incorporated. The high-value consumer has emerged to shop in physical stores and e-commerce platforms, with retailers in both managing to capture attention throughout the season.
Except for cars
About MasterCard SpendingPulse
Mastercard SpendingPulse measures national retail sales based on aggregated and anonymized Mastercard insights, representing all payment types in select markets around the world.
Mastercard SpendingPulse defines U.S. retail sales as sales at retailers and food service merchants of all sizes. Sales activity within the services sector (for example, travel services such as airlines and accommodation) is not included in the total retail sales figure. SpendingPulse insights are not indicative of Mastercard's performance; Visions and expectations are subject to change.
View source version on Businesswire.com: https://www.businesswire.com/news/home/20241225785240/en/
Raul Lopez | raul.lopez@mastercard.com | 914-841-7049
Alyssa O'Brien | alyssa.o'brien@mastercard.com | 914-336-1981
Source: MasterCard Investor Relations
