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US retail sales grew 3.4% this holiday season: Report

30
Dec '19

Pic: Mastercard

Holiday retail sales have increased 3.4 per cent with online sales growing 18.8 per cent compared to 2018, according to a report by Mastercard SpendingPulse. Total apparel saw a growth of 1 per cent year over year. Mastercard SpendingPulse provides insights into overall retail spending trends across all payment types, including cash and check.

"E-commerce sales hit a record high this year with more people doing their holiday shopping online," said Steve Sadove, senior advisor for Mastercard and former CEO and chairman of Saks Incorporated. "Due to a later than usual Thanksgiving holiday, we saw retailers offering omnichannel sales earlier in the season, meeting consumers' demand for the best deals across all channels and devices."

The report details holiday shopping from November 1 through December 24. Key findings of the report indicate that this was a winning holiday season for retail, especially for e-commerce:

- Total apparel saw a gain, posting 1 per cent growth year over year. The category also experienced stronger than expected e-commerce growth, up 17 per cent compared to 2018.

- The Jewellry sector experienced 1.8 per cent growth in total retail sales, with online sales growing 8.8 per cent - supporting ecommerce strength. This trend started before the holiday season and helped the sector power through to its finish.

- Department stores saw overall sales decline 1.8 per cent and online sales growth of 6.9 per cent, emphasising the importance of omnichannel offerings.

- Electronics and appliances were up 4.6 per cent, while the home furniture and furnishings category grew 1.3 per cent.

Mastercard SpendingPulse reports on national retail sales across all payment types in select markets around the world. The findings are based on aggregate sales activity in the Mastercard payments network, coupled with survey-based estimates for certain other payment forms, such as cash and check.

Fibre2Fashion News Desk (JL)

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