Updated December 26th, 2023 at 19:01 IST
US witnesses 3.1% rise in holiday retail sales: Mastercard
The increase is lower than the 3.7% growth Mastercard forecast in September and has slumped from last year's 7.6%.
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US retail sales rose 3.1 per cent between Nov. 1 and Dec. 24, rounding up a majority of the holiday sales for retailers, as shoppers looked for last-minute Christmas deals amid big promotions, a Mastercard report showed on Tuesday.
The increase is lower than the 3.7 per cent growth Mastercard forecast in September and has slumped from last year's 7.6 per cent as higher interest rates and inflation pressured consumer spending.
In the United States, Amazon.com and Walmart have ramped up promotions through November to entice bargain-hunting shoppers, but analysts have said the discounts were not as deep as the prior year when retailers were saddled with excess stock.
Some of those discounts were rolled back starting in December when customers had expected to buy last-minute gifts and household goods on the Saturday before Christmas - dubbed "Super Saturday".
E-commerce sales grew at a slower pace of 6.3 per cent from last year's 10.6 per cent as the popularity of online shopping came off pandemic highs, the report showed.
Sales in the apparel and restaurant categories rose 2.4 per cent and 7.8 per cent, respectively, during the holiday shopping period, according to the Mastercard SpendingPulse report, while sales of electronics fell 0.4 per cent.
Mastercard SpendingPulse measures in-store and online retail sales across all forms of payment. It excludes automotive sales.
Published December 26th, 2023 at 19:01 IST