Holiday sales rose as American spending remained resilient during the critical shopping season despite surging prices on everything from food to rent.
Holiday sales rose this year as American spending remained resilient during the critical shopping season despite surging prices on everything from food to rent, according to one measure.Holiday sales rose as American spending remained resilient during the critical shopping season despite surging prices on everything from food to rent, according to one measure
Mastercard SpendingPulse had expected a 7.1% increase. The data released Monday excludes the automotive industry and is not adjusted for inflation, which has eased somewhat but remains painfully high. "This holiday retail season looked different than years past," Steve Sadove, the former CEO and chairman at Saks and a senior advisor for Mastercard, said in a prepared statement. "Retailers discounted heavily, but consumers diversified their holiday spending to accommodate rising prices and an appetite for experiences and festive gatherings post-pandemic."Consumer spending accounts for nearly 70% of U.S.
Consumers also waited for deals. Stores expected more procrastinators to hit stores in the last few days before Christmas compared with a year ago when people began shopping earlier due to a global disruption of the supply chain that created thousands of product shortages.
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