U.S. retail sales excluding automotive increased 7.6% year-over-year for the period from Nov. 1 though Dec. 24, 2022, according to preliminary Mastercard SpendingPulse data. The index, which was not adjusted for inflation, measured in-store and online retail sales across all forms of payment.
The payment company saw that online sales grew 10.6% compared to the same period in 2021. Ecommerce accounted for 21.6% of total retail sales, up from 20.9% in 2021 and 20.6% in 2020.
Additionally, Black Friday sales rose 12% year-over-year, helping the shopping holiday retain its title as the top spending day of the holiday season. The Saturdays of December were the other top spending days.
“Inflation altered the way U.S. consumers approached their holiday shopping — from hunting for the best deals to making trade-offs that stretched gift-giving budgets,” said Michelle Meyer, North America Chief Economist at the Mastercard Economics Institute in a statement. “Consumers and retailers navigated the season well, displaying resilience amid increasing economic pressures.”
For more information on key holiday trends, keep an eye out for Retail TouchPoints’ in-depth look at retail holiday sales in January 2023.