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Mastercard: US Holiday Sales Rose 8.5 Pct

Mastercard: US Holiday Sales Rose 8.5 Pct

Mastercard: US Holiday Sales Rose 8.5 Pct

U.S. retail sales increased by 8.5% during this year’s holiday season, primarily powered by growth in online shopping, Mastercard said Sunday.

Online sales grew by 11%, with more consumers choosing to shop online as COVID-19 cases continue to surge across the country. Meanwhile, sales at physical stores increased by 8.1% compared to 2020.

“Shoppers were eager to secure their gifts ahead of the retail rush, with conversations surrounding supply chain and labor supply issues sending consumers online and to stores in droves,” senior advisor for Mastercard Steve Sadove said.

Overall, eCommerce sales accounted for 20.9% of total retail sales, up from 20.6% in 2020 and 14.6% in 2019. This continued growth underpins consumers’ desire for easy and convenient shopping experiences.

The segments that saw the most substantial year-over-year growth during this year’s holiday season were jewelry and electronics. Jewelry sales improved by 32% compared to last year and electronics sales improved by 16.2%.

This year, Black Friday was the top spending day of the 2021 holiday season yet again. During this year’s Thanksgiving weekend, U.S. shoppers drove retail sales by more than 14% YOY. In-store sales also rebounded during that weekend, increasing by 16.5% YOY, while e-commerce sales experienced sustained growth of 4.9% YOY.

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