U.S. holiday season retail data is out! People spend their money on these places

According to data released by Mastercard SpendingPulse, US retail sales increased 7.6% year-on-year during this year's holiday season (November 1 to December 24) as retailers such as Amazon and Walmart offered big discounts to attract consumers looking for cheap goods.

E-commerce sales performed strongly in the 2022 holiday season, increasing 10.6% year-over-year and accounting for 21.6% of total retail sales, up from 20.9% in 2021 and 20.6% in 2020. Online channels continue to experience high growth as consumers prioritize convenience and discounts.

Data shows that Black Friday was the busiest day for consumer spending during the holiday season, with sales up 12% year-over-year compared to the same period in 2021.

Restaurants showed strong momentum during the holiday season, with sales up 15.1% year-over-year, driven by demand for in-person dining. From gatherings with coworkers to dinners with friends and family, Americans flocked to their homes this holiday season to celebrate.

“This year’s holiday season is different than in previous years,” said Steve Sadove, senior advisor at Mastercard. “Retailers are offering deep discounts, but consumers are diversifying their holiday spending as they seek to protect against price increases and meet post-pandemic needs for experiences and holiday gatherings.”

“Inflation has changed the way American consumers shop for the holidays — from searching for the best deals to making trade-offs that put a strain on gift-giving budgets,” said Michelle Meyer, chief economist for North America at Mastercard Economics. “The good news is that consumers and retailers are performing well this season, showing resilience amid increasing economic pressures.”

Here are the main trends in key categories for this year’s holiday season (2022 sales vs. 2021 sales):

• In-store sales: up 6.8%
• E-commerce sales: up 10.6%
• Clothing: up 4.4%
• Department stores: up 1.0%
• Electronic products: down 5.3%
• Jewelry: down 5.4%
• Restaurants: Up 15.1%

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