Holiday sales up 8.5% as US consumers return to retailers

New York

US holiday sales jumped 8.5 per cent from last year as consumers spent more money on clothes, jewellery and electronics, a report from Mastercard SpendingPulse showed.

Sales grew across the board, both in stores and online, for the holiday season defined as Nov 1 to Dec 24.

Consumers started searching for gifts earlier than usual with supply chains roiling retailers and stores offering more promotions to jumpstart the holiday shopping season.

"Shoppers were eager to secure their gifts ahead of the retail rush, with conversations surrounding supply chain and labour supply issues sending consumers online and to stores in droves," Steve Sadove, a senior adviser for Mastercard and former chief executive officer of Saks, said in a statement on Sunday (Dec 26).

Sales surged 47 per cent for apparel, 32 per cent for jewellery and 16 per cent for electronics compared with 2020, with all three categories up at least 20 per cent from their pre-pandemic levels in 2019 as well.

Department stores saw a 21 per cent jump from last year and gained 11 per cent from two years ago.

Online shopping surged 11 per cent, according to the report, which tracks retail sales across all payment types.

E-commerce now accounts for roughly 21 per cent of all holiday sales. People shopped earlier than in years past, which Mastercard says continues a trend that started last year.

Even so, Black Friday maintained its position as the most important shopping day of the holiday season, Mastercard reported. BLOOMBERG