PURCHASE, N.Y.--(BUSINESS WIRE)--
A robust shopping season from before Thanksgiving through Christmas has
given retailers much to cheer about this year. According to Mastercard
SpendingPulse™, which provides insights into overall retail spending
trends across all payment types, including cash and check, holiday sales
increased 5.1 percent to more than $850 billion this year – the
strongest growth in the last six years. Online shopping also saw large
gains of 19.1 percent compared to 2017.
“From shopping aisles to online carts, consumer confidence translated
into holiday cheer for retail,” said Steve Sadove, senior advisor for
Mastercard and former CEO and Chairman of Saks Incorporated. “By
combining the right inventory with the right mix of online versus
in-store, many retailers were able to give consumers what they wanted
via the right shopping channels.”
The Mastercard SpendingPulse report details holiday shopping from
November 1 through December 24. Key findings of the report indicate that
despite weather challenges, this was a winning holiday season for retail
overall; however, the story was different category by category:
-
Total apparel had a strong season with a growth rate of 7.9 percent
compared to 2017, recording the best growth rate since 2010. The
category followed through on a strong momentum that started during the
back-to-school season and accelerated through fall right up to
Christmas.
-
Home improvement spending continued to surge across the U.S. with
spending during the holiday season up 9.0 percent. This trend started
before the holiday season and helped the sector power through to a
strong finish.
-
Department stores finished the season with a 1.3 percent decline from
2017. This follows two years with growth below 2 percent, some of
which can be attributed to store closings. However, the online sales
growth for department stores indicated a more positive story, with
growth of 10.2 percent.
-
Electronics and appliances were down 0.7 percent. The home furniture
and furnishings category grew 2.3 percent.
Poor weather did pose an issue during some primetime shopping periods.
This included cold weather on Black Friday morning on the East Coast and
wet weather conditions the weekend of December 15-16, on both the East
and West coasts. Conditions were also less than ideal on Friday,
December 21, in the East, with storms that impacted the final run of the
season.
About Mastercard SpendingPulse:
Mastercard
SpendingPulse™ reports on national retail sales across all payment
types in select markets around the world. 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.
About Mastercard
Mastercard (NYSE: MA), www.mastercard.com,
is a technology company in the global payments industry. Our global
payments processing network connects consumers, financial institutions,
merchants, governments and businesses in more than 210 countries and
territories. Mastercard products and solutions make everyday commerce
activities – such as shopping, traveling, running a business and
managing finances – easier, more secure and more efficient for
everyone. Follow us on Twitter @MastercardNews,
join the discussion on the Beyond
the Transaction Blog and subscribe for
the latest news on the Engagement
Bureau.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20181226005047/en/
Mastercard Communications Contact
Chaiti Sen
Email:
chaiti.sen@mastercard.com
Tel:
914.263.6542
Source: Mastercard Investor Relations