Holiday shoppers flocked to stores and online retailers this year, with total spending from Nov. 1 through Dec. 24 rising 3.8 percent, according to Mastercard SpendingPulse data.
Retailers had anticipated consumers would be more discerning during the holiday season, but instead, shoppers took advantage of discounted deals to splurge. Online sales led the way, growing 6.7 percent compared to in-store sales. This surge in spending is a welcome relief for retailers, who had feared a sluggish holiday season.
The data suggests that consumers are willing to spend, despite economic concerns and inflation. However, it’s unclear whether this trend will continue without the discounted deals driving sales. Some retailers, like Walmart and T.J. Maxx, entered the holiday season on strong footing, while others, such as department stores and apparel chains, saw anemic growth.
As one retailer noted, “people are shopping” despite not buying as much as they used to. The shift to online shopping has raised competition across all retailers, driving down prices. With consumers willing to spend, it seems the holiday season is off to a healthy start for retailers.
Source: https://www.nytimes.com/2024/12/26/business/holiday-season-sales-mastercard.html