Holiday Sales Top Estimates With Boost From Online Shopping, Mastercard Says | Global News Avenue

This year’s holiday retail sales exceeded expectations, driven by online shopping, according to Mastercard.

Mastercard’s SpendingPulse survey found that retail sales (excluding auto sales) increased 3.8% between November 1 and December 24 compared with 2023. This was up from 3.1% the previous year and higher than the previous forecast of 3.2% growth.

Growth was largely driven by a surge in online spending, with online sales rising 6.9%. In comparison, in-store sales increased 2.9%. Mastercard also said 10% of purchases occurred in the last five days before Christmas.

Michelle Meyer, chief economist at Mastercard Economics, said: “The holiday shopping season shows that consumers are willing and able to spend, but they are driven by seeking value, which can be seen during the biggest sales Concentrated e-commerce spending.”

By category, jewelry sales grew the fastest, with a year-on-year increase of 4%, electronic products increased by 3.7%, and clothing sales increased by 3.6%.