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Purchase, NY--Jewelry led holiday sales growth during the 2024 shopping season, with a 4% year-over-year increase, according to Mastercard SpendingPulse. This outpaced growth in electronics (3.7%) and apparel (3.6%).

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Overall retail sales from November 1 to December 24 grew by 3.8%, exceeding Mastercard’s 3.2% forecast and last year’s 3.1% growth. The final five days of the season accounted for 10% of total spending.

Mastercard senior advisor Steve Sadove attributed the increase to promotions driving consumer demand. “This holiday season, we saw consumers motivated by deals, and retailers responded with promotions to meet the demand,” he said, noting that both brick-and-mortar stores and e-commerce platforms captured shopper attention.

E-commerce saw significant growth, with sales rising 6.7% year-over-year, while in-store sales grew 2.9%. Digital-first shopping options, including curbside pickup and delivery, gained prominence, Mastercard noted.

The report also highlighted increased consumer spending on experiences, with restaurant sales up 6.3%. According to Michelle Meyer, chief economist at Mastercard Economics Institute, strong holiday spending reflects a robust labor market and household wealth gains.

Mastercard SpendingPulse tracks U.S. retail sales across all payment methods, based on aggregate data from the Mastercard network. The report is not adjusted for inflation.

Check out the report here.