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You are at:Home » US holiday retail sales were stronger than last year, according to Mastercard
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US holiday retail sales were stronger than last year, according to Mastercard

Gazet InternationalBy Gazet InternationalDecember 27, 2024Updated:January 24, 20253 Mins Read
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Price-conscious holiday shoppers took advantage of last-minute online discounts on clothing and stocking stuffers. Retailers that provided convenient options like free delivery and curbside pickup likely benefited from this trend.

The surge in online shopping is attributed to its convenience, competitive pricing compared to in-store options, and services such as “buy online, pick up in-store (BOPIS)” along with fast, free deliveries. 

Michael Schulman, a retail expert at Running Point Capital Advisors, noted that the shortened holiday season this year, with only 27 days between Thanksgiving and Christmas, left shoppers with less time for in-store visits. This situation likely encouraged more browsing and purchases on phones and computers.

While retailers offered numerous deals, they maintained discipline with their promotions. Shares of Target and Dollar Tree rose nearly 3% during noon trading, while Walmart’s shares remained flat.

Holiday Shopping

According to a Mastercard SpendingPulse report, online spending during the holiday shopping period from November 1 to December 24 increased by 6.7% compared to last year. In contrast, in-store sales saw only a 2.9% rise. 

This growth contributed to an overall spending increase of 3.8% over 2023, exceeding the previously forecasted rise of 3.2% and surpassing the 3.1% increase from the same period last year.

Steve Sadove, a senior adviser to Mastercard and former CEO and chairman of Saks, shared insights with Reuters. He highlighted that spending increased even when accounting for higher prices due to inflation. 

He also pointed out that the last five days of the holiday season represented 10% of all holiday spending, demonstrating significant strength at the end of the season.

Retail executives were more cautious going into this holiday season, describing consumers as “selective,” “cautious,” and “conservative.” Many shoppers focused on “needs-based” purchases. Consequently, retailers intensified their efforts to cut prices and offer promotions, according to Bernstein analysts earlier this month.

Walmart (WMT.N) announced its plan to continue lowering prices through rollbacks. In contrast, rival Target (TGT.N) stated that it would increase promotional activities, as shoppers seemed less engaged without them. Dollar General (DG.N) anticipated that increased promotions in the fourth quarter would pressure its profits. Kroger (KR.N) and Five Below (FIVE.O) also acknowledged the need to reduce prices to maintain competitiveness.

An item featuring Santa Claus hangs in a gift shop in Bryant Park, New York City, on December 9, 2024. 

Walmart and Target invested more in advertising on short-video app TikTok and streaming platforms like Peacock and Hulu during the holiday season. They focused on promoting their membership programs that offer quick delivery and buy online, pick up in-store (BOPIS) options.

Some of these strategies appear to have been effective.

Salesforce estimated that BOPIS orders could double during the weekend before Christmas. This could make up nearly 40% of all online orders for retailers. Additionally, FedEx (FDX.N) projected stronger-than-expected holiday delivery volumes last week.

CONSUMER STRENGTH

Real consumer strength emerged in Huntsville, Alabama. Resident Aireale Hobbs, 40, began her Christmas shopping for pajama sets, Stanley drink tumblers, and toys for her family online on Black Friday. 

She opted for online shopping for its convenience, variety, and better deals. 

Hobbs noted, “I got some things from Target that were discounted when using the app.” 

This holiday season, shoppers were encouraged to spend due to new technology in laptops and TVs, lower prices, and a growing acceptance of lab-grown diamonds. Athleisure apparel also played a significant role. 

Despite promotions being similar to last year, Sadove observed genuine consumer strength. Low unemployment and rising wages helped buffer personal finances. 

According to Mastercard, sales in apparel, jewelry, and electronics categories rose by 3.6%, 4%, and 3.7%, respectively, compared to last year. Online apparel sales grew by 6.7%, while in-store sales increased only by 0.2%.

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#ConsumerSpending #ECommerce #ShoppingHabits #HolidayDeals #GAZETINTERNATIONAL #GI #GIAWARDS #HolidayShopping #OnlineShopping #Retail #ConsumerBehavior #Mastercard #HolidaySales #Target #DollarTree #Inflation
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