U.S. retail sales increased the most in nearly two decades during the holiday season, according to a report from Mastercard. This indicates healthy consumer demand notwithstanding historic inflation rates and Covid uncertainty.
Retail sales for the period between November 1 and December 24 climbed +8.5% year-over-year—as revealed by Mastercard’s annual SpendingPulse report. This increase is the highest in seventeen years. Digital shopping rose + 11%.
There was a 14.1% year-on-year surge in sales over the Thanksgiving holiday weekend, the report suggested.