US' retail sales soared 7.6% YoY in 2022 holiday season: Mastercard

28 Dec '22

2 min read

Pic: Shutterstock

US’ retail sales excluding automotive surged by 7.6 per cent this holiday season, running from November 1 through December 24, as compared to the corresponding period of the previous year, according to Mastercard SpendingPulse, which measures in-store and online retail sales across all forms of payment. The country’s apparel sales in this holiday season saw a growth of 4.4 per cent, compared to the same period in 2021.

US’ online sales increased by 10.6 per cent compared to the same period last year, the preliminary insights show.

This holiday season, e-commerce made up 21.6 per cent of total retail sales, up from 20.9 per cent in 2021 and 20.6 per cent in 2020. The channel continues to experience elevated growth as consumers prioritise convenience and availability of discounts, as per Mastercard SpendingPulse.

Weekend shopping reigned supreme, as Black Friday sustained its title as the top spending day of the 2022 holiday season. Black Friday sales were up 12 per cent year-over-year excluding automotive. This was followed closely by Saturdays in December.

“This holiday retail season looked different than years past,” said Steve Sadove, senior advisor for Mastercard and former CEO and chairman of Saks Incorporated. “Retailers discounted heavily but consumers diversified their holiday spending to accommodate rising prices and an appetite for experiences and festive gatherings post-pandemic.”

“Inflation altered the way US consumers approached their holiday shopping—from hunting for the best deals to making trade-offs that stretched gift-giving budgets,” said Michelle Meyer, North America chief economist, Mastercard Economics Institute. “Consumers and retailers navigated the season well, displaying resilience amid increasing economic pressures.”

Fibre2Fashion News Desk (DP)

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