US retail sales grow 7.6 percent during holiday season

U.S. retail sales rose 7.6% between Nov. 1 and Dec. 24, spanning most of the holiday season, as deep discounts lured bargain-hungry shoppers, according to a Mastercard report on Monday.

The increase is higher than the 7.1% growth that Mastercard had forecast in September, when it predicted that consumers would postpone shopping in October in search of early offers.

However, holiday retail sales growth this year is lower than last year’s 8.5% increase as inflation, which has been high for decades, rising interest rates and the threat of a recession have made consumers cautious.

Retailers, including Amazon and Walmart in the United States, offered deep discounts over the holiday season to get rid of excess inventory and bring inventory back to normal levels.

This has led to high demand for everything from toys to electronics during the five-day period between Thanksgiving and Cyber ​​Monday.

Many retailers like Amazon and Walmart offered deep discounts during the holiday season.
PA

However, electronics sales fell 5.3% over a broader period of about two months, according to the Mastercard SpendingPulse report.

But sales in the apparel and restaurant categories rose 4.4% and 15.1%, respectively, which helped boost the total number.

Online sales jumped 10.6% during the period, slightly less than last year’s 11% increase, according to Mastercard’s report.

Meanwhile, over Cyber ​​Week, total retail sales jumped about 11%, according to a separate Mastercard SpendingPulse report in late November.

Mastercard SpendingPulse measures in-store and online retail sales for all payment methods. It excludes automobile sales.

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