5 sources·Business

Holiday Retail Sales Surge by 3.8%, Driven by Consumer Demand for Value

This year's holiday season saw a 3.8% rise in retail sales, fueled by online shopping and dining out amid economic uncertainty.

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Updated: Dec 26th, 2024, 4:09 PM ET

Summary

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According to Mastercard SpendingPulse, retail sales rose 3.8% during the holiday shopping season, outpacing projections. Online sales grew 6.7%, while in-store sales increased only 2.9%. Categories like apparel and jewelry saw significant gains, though concerns over high return rates linger. Retailers face challenges as some, like Party City, announce shutdowns amidst rising competition and changing consumer behavior. The National Retail Federation predicts nearly 17% of sales may be returned, impacting retailer profitability as they navigate economic pressures and shifting shopping trends in the aftermath of the holidays.

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Holiday Retail Sales Surge by 3.8%, Driven by Consumer Demand for Value - Pano News