MasterCard Data Reveals US Retail Sales Increased By 7.6% During Holiday Season
According to the recent report published by MasterCard, around 7.6% increase was witnessed in the US retail sales during the holiday season (1st November - 24th December). A major reason behind this increase in the retail sales can be attributed to the discounts that are offered during the holiday season.
In addition, a lot of people delay their shopping until the holiday season in an attempt to avail good deals and discounts. As per MasterCard's own estimates, around 7.1% increase was expected but the actual data turned out to be 7.6%.
But when we look at the retail sales last year, it was standing at 8.5%. That's an indication that high inflation has also effected the shopping season during the holiday period. In addition, the risks of a recession and inflation have also made the average consumer more cautious.
Retailers Offered Big Discounts During Holidays
Big US retailers such as Walmart and Amazon have offered big discounts this holiday season. They usually follow this policy to bring their inventory back to normal levels & to get rid of extra stock.
As a result, strong demand was seen for consumer good ranging from electronics to toys during a 5 days period. Especially the days such as Cyber Monday and Thanksgiving saw a lot of retail sales.
The MasterCard data also revealed that when we look at the 2 month period, there was a 5.3% decline in the electronic sales.
On the contrary, sales in the restaurants and apprel increased by 151.% and 4.4% respectively which boosted the retail sales figure as a whole.
Similarly, around 10.06% increase was seen in the online sales which was a little lower than the last year's value of 11%.
On Cyber week, the retail sales jumped by 11% which was also a healthy increase given the current economic situation.
This data shared by MasterCard included the retail sales from the online medium as well as in-store. However, it didn't accounted for the automotive sales in the USA.