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.
Negotiations conducted with the United States and European nations, aimed at ending the nearly four-year war with Russia, were "very close to a real r...
Start your day informed with AnewZ Morning Brief: here are the top news stories for the 23rd of December, covering the latest developments you need to...
The U.S. State Department has authorised a potential Foreign Military Sale of Advanced Medium Range Air‑to‑Air Missiles (AMRAAM) to Denmark, aimed...
Canadian Prime Minister Mark Carney has announced the appointment of Mark Wiseman, a former global investment banker and head of Canada’s largest pe...
Vince Zampella, co-creator of the Call of Duty franchise, has died after a Ferrari crash on Angeles Crest Highway north of Los Angeles....
A photo of U.S. President Donald Trump that had been removed from the cache of Jeffrey Epstein files released by the Department of Justice was restored on Sunday.
Senior representatives from the U.S., Egypt, Qatar and Türkiye have held talks in Miami to assess progress on the Gaza ceasefire and lay the groundwork for its next phase, according to a statement issued by U.S. envoy Steve Witkoff.
The United States has proposed a potential new format for peace talks between Ukraine and Russia, which could include American and European representatives, Ukrainian President Volodymyr Zelenskyy said on Saturday, December 20.
The United States and Venezuela have been jamming GPS signals in parts of the Caribbean, raising safety concerns for civilian air and maritime traffic, as tensions between the two countries escalate, according to The New York Times.
Vince Zampella, co-creator of the Call of Duty franchise, has died after a Ferrari crash on Angeles Crest Highway north of Los Angeles.
A major power outage swept across San Francisco on Saturday, leaving up to 130,000 customers without electricity, disrupting traffic and forcing some businesses to close temporarily, officials said.
Israeli Prime Minister Benjamin Netanyahu said Israel is monitoring recent Iranian military exercises and will raise the issue with U.S. President Donald Trump during his visit to Washington next week.
Israel’s government has approved the creation of 19 new Jewish settlements in the occupied West Bank, a move that analysts say further undermines the prospects for a viable Palestinian state.
Swedish customs officials have boarded a Russian freighter anchored in Swedish waters after confirming that the vessel and its owners are subject to European Union and U.S. sanctions.
China has given the nod for car makers to sell Level 3 self-driving vehicles from as early as next year after it approved two electric sedans from Changan Auto and BAIC Motors.
Warner Bros Discovery’s board rejected Paramount Skydance’s $108.4 billion hostile bid on Wednesday (17 December), citing insufficient financing guarantees.
Ford Motor Company said on Monday it will take a $19.5 billion writedown and scrap several electric vehicle (EV) models, marking a major retreat from its battery-powered ambitions amid declining EV demand and changes under the Trump administration.
Iran has rolled out changes to how fuel is priced at the pump. The move is aimed at managing demand without triggering public anger.
U.S. stock markets closed lower at the end of the week, as investors continued to rotate out of technology shares, putting pressure on major indices.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment