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.
U.S. Defense Secretary Pete Hegseth told Indo-Pacific allies Saturday they won’t be left alone against growing military and economic pressure from China—but they must also boost their own defense efforts.
Iran said on Saturday that it has officially received a new nuclear deal proposal from U.S. President Donald Trump, delivered by Oman during a diplomatic visit to Tehran.
The US Supreme Court has ruled that the Trump administration can temporarily end legal protections for more than 500000 migrants from Cuba, Haiti, Nicaragua, and Venezuela, exposing them to possible deportation.
The European Commission voiced strong regret over the United States’ decision to raise tariffs on imported steel to 50%, warning the move adds uncertainty to the global economy.
The U.S. FDA has approved Moderna’s next-generation COVID-19 vaccine, mNEXSPIKE, for adults aged 65 and older and those aged 12–64 with risk factors, marking a major step under tighter regulations.
Steve Witkoff, U.S. President Donald Trump's special envoy, criticized Hamas’s response to Washington’s latest ceasefire proposal, calling it “completely unacceptable” and a step backward.
Turkish President Recep Tayyip Erdogan held separate phone calls on Saturday with Bulgarian President Rumen Radev and Somali President Hassan Sheikh Mohamud to talk about bilateral ties as well as regional and global topics.
Ethiopia’s Health Ministry confirmed on Saturday the country’s first death linked to mpox, with five more cases still active. No new infections or recoveries were reported in the past 24 hours.
U.S. Defense Secretary Pete Hegseth told Indo-Pacific allies Saturday they won’t be left alone against growing military and economic pressure from China—but they must also boost their own defense efforts.
Iran said on Saturday that it has officially received a new nuclear deal proposal from U.S. President Donald Trump, delivered by Oman during a diplomatic visit to Tehran.
On May 28, the inauguration ceremony of Lachin International Airport was held.
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An international academic conference titled "Islamophobia: Exposing Prejudice and Destroying Stigma" has officially opened in the capital of Azerbaijan, bringing together global scholars, experts, and policymakers to address the rise and consequences of anti-Muslim discrimination.
President Donald Trump announced that he will increase steel tariffs from 25% to 50%, a move that could push up costs for industries relying on steel, including housing and auto manufacturing.
U.S. stocks wrapped up the week with a mixed finish after President Donald Trump accused China of breaking a recent trade agreement, reigniting global market jitters just weeks after a deal was struck in Geneva.
Volkswagen is negotiating directly with the U.S. government to ease tariffs in exchange for deeper investment commitments.
Wall Street futures slipped as a surprise court ruling brought back most of Trump-era tariffs, shaking investor confidence heading into month-end.
Model Hailey Bieber is selling her skincare brand Rhode to e.l.f. Beauty in a deal worth up to $1 billion (£790 million), with plans for international expansion and continued viral success.
Steve Witkoff, U.S. President Donald Trump's special envoy, criticized Hamas’s response to Washington’s latest ceasefire proposal, calling it “completely unacceptable” and a step backward.
Turkish President Recep Tayyip Erdogan held separate phone calls on Saturday with Bulgarian President Rumen Radev and Somali President Hassan Sheikh Mohamud to talk about bilateral ties as well as regional and global topics.
Ethiopia’s Health Ministry confirmed on Saturday the country’s first death linked to mpox, with five more cases still active. No new infections or recoveries were reported in the past 24 hours.
U.S. Defense Secretary Pete Hegseth told Indo-Pacific allies Saturday they won’t be left alone against growing military and economic pressure from China—but they must also boost their own defense efforts.
Iran said on Saturday that it has officially received a new nuclear deal proposal from U.S. President Donald Trump, delivered by Oman during a diplomatic visit to Tehran.
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