Holiday shoppers increased spending by 3.8% despite higher prices Sales rose this year during the holiday shopping season even as Americans wrestled with elevated prices for many groceries and other necessities, according to new data.
Michelle Meyer, chief economist at Mastercard Economics Institute, said the holiday shopping season “revealed a consumer who is willing and able to spend but driven by a search for value” as seen by concentrated online spending during the biggest promotional periods.
Holiday sales from the beginning of November through Christmas Eve climbed 3.8%, outpacing the 3.1% increase from a year earlier, according to Mastercard SpendingPulse, which tracks all kinds of payments including cash and debit cards.
This year, retailers were even more under the gun to get shoppers in to buy early and in bulk since there were five fewer days between Thanksgiving and Christmas.
Online sales jumped 6.7% from a year ago and in-person spending rose 2.9%.
