U.S. retail sales (excluding automotive) grew 3.1 percent year-over-year (YOY) this holiday season, according to preliminary insights from Mastercard’s annual SpendingPulse. The survey, which covers the period from Nov. 1 through Dec. 24, measures in-store and online retail sales across all forms of payment and is not adjusted for inflation.
“This holiday season, the consumer showed up, spending in a deliberate manner,” said Michelle Meyer, Chief Economist, Mastercard Economics Institute. “The economic backdrop remains favorable with healthy job creation and easing inflation pressures, empowering consumers to seek the goods and experiences they value most.”
Some key retail trends from the just-ended holiday season include:
- Online retail sales increased 6.3 percent YOY, while in-store sales were up a more modest 2.2 percent YOY. Spending online is increasing at a faster pace than in-store, therefore taking a growing slice of the retail pie, but shopping in-store still makes up a considerably larger portion of total retail spending.
- Apparel was one of the top categories for shoppers this season as consumers shopped for new outfits and upcoming holiday festivities. The sector was up +2.4 percent YOY.
- Culinary celebrations surged, pushing the restaurant sector up 7.8 percent YOY, while grocery was up just 2.1 percent for the season.
“Retailers started promotions early this season, giving consumers time to hunt for the best deals and promotions,” said Steve Sadove, Senior Advisor for Mastercard and former CEO and Chairman of Saks Inc. “Ultimately it was about getting the most bang for your buck as consumers spent on a variety of goods and services, resurfacing spending trends from before the pandemic.”
Click here for more from the Mastercard study.
Family Legacy, New Chapter: How Wilkerson Turns 89 Years of History Into Future Success
After 89 years of serving the Albany community, Harold Finkle Your Jeweler faced a pivotal decision. For third-generation owner Justin Finkle, the demanding hours of running a small business were taking precious time away from his young family. "After 23 years, I decided this was the time for me," Finkle explains. But closing a business with nearly nine decades of inventory and customer relationships isn't something easily managed alone.
Wilkerson's comprehensive approach transformed this challenging transition into a remarkable success story. Their strategic planning handled everything from advertising and social media to inventory management and staffing — elements that would overwhelm most jewelers attempting to navigate a closing sale independently.
The results speak volumes. "Wilkerson gave us three different tiers of potential goals," Finkle notes. "We've reached that third tier, that highest goal already, and we still have two weeks left of the sale." The partnership didn't just meet financial objectives—it exceeded them ahead of schedule.
