A last-minute shopping surge and heavy discounts drove U.S. holiday sales higher than expected, rising 3.8% from last year, according to Mastercard SpendingPulse.
Holiday retail spending in the U.S. from November 1 to December 24 exceeded prior forecasts, reflecting strong consumer activity despite inflation and higher interest rates. The 3.8% year-over-year increase underscores continued resilience among shoppers, Mastercard SpendingPulse reported.
However, retailers noted a shift in consumer behavior. Describing customers as “selective” and “cautious,” many stores leaned heavily on promotions to attract buyers. Major chains such as Walmart extended price cuts through rollbacks, while Target intensified its promotional campaigns to maintain shopper interest. Dollar General, Kroger, and Five Below also slashed prices to remain competitive, acknowledging the pressure on profit margins.
E-commerce outpaced physical store sales growth, continuing a digital-first shopping trend. Online sales grew at double the rate of in-store purchases, as consumers increasingly opted for convenience. Retailers embraced generative AI tools to enhance customer service and product discovery, while improving curbside pickup and delivery services to streamline the shopping experience.
“Digital innovation and customer-centric strategies played a pivotal role in shaping this holiday season,” noted Steve Sadove, senior adviser to Mastercard and former CEO of Saks.
Despite economic challenges, the 2024 holiday season highlights both the adaptability of retailers and the enduring spending power of American consumers.
Start your day informed with AnewZ Morning Brief: here are the top news stories for January 30th, covering the latest developments you need to know.
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Georgian Prime Minister Irakli Kobakhidze and Armenian Prime Minister Nikol Pashinyan discussed regional stability, economic ties, and the upcoming 14th Meeting of the Intergovernmental Commission for Economic Cooperation, emphasizing the importance of deepening bilateral relations and peace.
The Council today adopted a decision extending the mandate of the European Union Mission in Armenia (EUMA) for a further two years, until 19 February 2027.
The State Oil Company of Azerbaijan (SOCAR) has started the transit of crude oil from Kazakhstan's Kashagan field through the Baku-Tbilisi-Ceyhan (BTC) oil pipeline.
The EU aims to collaborate with Trump to address China's "non-market policies," as trade tensions rise. It is also considering protective measures to shield key industries from foreign competition.
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