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Holiday Spending Rises To Match Inflation While Jewelry Sales Fall December 27, 2022 (0 comments)


New York, NY--Holiday spending in the US remained resilient during the shopping season despite a surge in prices of everything else, such as food and rent.

[Photo by Any Lane via Pexels]

According to a report by Mastercard SpendingPulse, sales during the holiday season rose 7.6% — slower than the 8.5% rate from the past year. 

Sales in the U.S. between November 1 and December 24 were fueled by restaurant and clothing spending — the latter rising 4.4%. There was, however, a dip in the sale of jewelry and electronics by 5%.

Online sales jumped 10.6% from a year ago, with in-person spending rising 6.8%. There was a 1% increase in sales at department stores. 

“This holiday retail season looked different than years past,” Steve Sadove, the former CEO and chairman at Saks and a senior adviser for Mastercard, said in a prepared statement, according to a report. “Retailers discounted heavily, but consumers diversified their holiday spending to accommodate rising prices and an appetite for experiences and festive gatherings post-pandemic.”

Learn more in this report.

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