Inflation has eased somewhat but remains painfully high.
FILE - A shopper carries bags down Fifth Avenue on Black Friday, Nov. 25, 2022, in New York. Holiday sales rose as shoppers showed some resilience during the most important shopping season despite surging prices on everything from food to rent. NEW YORK — 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.
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. By category, clothing rose 4.4%, while jewelry and electronics dipped roughly 5%. Online sales jumped 10.6% from a year ago and in-person spending rose 6.8%. Department stores registered a modest 1% increase over 2021.
Inflation has retreated from the four-decade high it reached this summer, but it’s still sapping the spending power of consumers. Prices roseOverall spending has slowed from the pandemic-infused splurges and shifted increasingly toward necessities like food, while spending on electronics, furniture, new clothes and other non-necessities has faded. Many shoppers been trading down to private label goods, which are typically less expensive than national brands.
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