Holiday shoppers spent big this season, an end-of-the-year gift for retailers.
The Mastercard SpendingPulse survey found that holiday sales rose 7.6% this year when compared to last year. That’s a bit of a slower increase than last holiday season, when spending increased 8.5% from 2020. But last year consumers were spending more to make up for missed holiday time during the COVID-19 pandemic.
Mastercard reported that sales from Nov. 1 through Dec. 24 were boosted by increased spending at restaurants and by a jump in apparel sales.
According to the survey, clothing sales rose 4.4% during the holiday shopping season when compared to a year ago, while online sales jumped 10.6% and in-person sales increased 6.8%. The sales of electronics actually took a dip, falling by about 5% when compared to last year.
“This holiday retail season looked different than years past,” said Steve Sadove, a senior adviser for Mastercard, in a written statement. “Retailers discounted heavily, but consumers diversified their holiday spending to accommodate rising prices and an appetite for experiences and festive gatherings post-pandemic.”
