US Holiday Retail Spending Up Almost 5% as Online Sales Soar, Visa Says | Global News Avenue

Cash registers, both physical and virtual, are buzzing this holiday season.

Visa data shows that in the seven weeks from November 1, Americans spent 4.8% more than last year (V) was released on Monday. The increases were seen for all forms of payment, including cash and checks, and are not adjusted for inflation.

While a high percentage of consumers shop in stores (Visa says 77% of total payments are made in stores), online spending is growing faster.

“This holiday shopping season, we’re seeing growing consumer confidence as people seek out in-store experiences and go online to buy gifts and celebrate the holidays with friends and family,” said Wayne Best, chief economist at Visa. ”

Visa says online spending to grow 7.1% from 2023

other retail analyst It also highlighted the surge in digital shopping, arguing that e-commerce accounted for the majority of holiday spending growth. Visa said online spending increased 7.1% year-on-year, while in-store spending increased 4.1%.

Visa said sales of clothing and accessories (5.0%), building materials (4.7%) and electronic products (4.2%) increased significantly.

“This spending increase demonstrates the resilience of consumers and retailers and the overall strength of the economy,” Best said.

expert Consensus forecast for growth of 3% Seasonal spending this year from 2023 levels National Retail Federation (NRF) Total holiday spending is expected to rise 2.5% to 3.5% in November and December, to $979.5 billion to $989 billion.