Mastercard research: U.S. retail sales grew 8.5% this holiday season

It’s been a resurgent season for retailers according to data from Mastercard and its SpendingPulse research service. According to Mastercard, holiday retail sales excluding automotive increased 8.5% year-over-year this holiday season, running from November 1 through December 24. Notably, online sales grew 11.0% compared to the same period last year, preliminary insights show. Mastercard SpendingPulse measures in-store and online retail sales across all forms of payment. 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. “Shoppers were eager to secure their gifts ahead of the retail rush, with conversations surrounding supply chain and labor supply issues sending consumers online and to stores in droves,” said Steve Sadove, senior advisor for Mastercard and former CEO and Chairman of Saks Incorporated. “Consumers splurged throughout the season, with apparel and department stores experiencing strong growth as shoppers sought to put their best dressed foot forward.”