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Mastercard: U.S. Holiday Retail Sales Strongest In Six Years

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(RTTNews.com) - U.S. holiday retail sales recorded its strongest growth in the last six years, according to data released by Mastercard.

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.

"From shopping aisles to online carts, consumer confidence translated into holiday cheer for retail. 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," said Steve Sadove, senior advisor for Mastercard and former CEO and Chairman of Saks Inc.

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.

Mastercard noted that robust shopping season from before Thanksgiving through Christmas gave retailers much to cheer about this year. According to the data, online shopping saw large gains of 19.1 percent compared to 2017.

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. However, department stores finished the season with a 1.3 percent decline from 2017.

Electronics and appliances sales declined 0.7 percent, while the home furniture and furnishings category grew 2.3 percent.

According to the data, 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 and 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.

Read the original article on RTTNews (http://www.rttnews.com/2965377/mastercard-u-s-holiday-retail-sales-strongest-in-six-years.aspx)

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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