Holiday sales saw their fastest growth in 17 years despite shoppers facing high prices, a shortage of merchandise and an outbreak of new COVID-19 mutants in the closing weeks of the season.
MasterCard Spinning, a service that tracks all types of payments including cash and credit cards, reported that holiday sales were 8.5% higher than they were last year, beating expectations for a 7.4% increase, which included sales from November 1 to December 24, was supported by purchases of clothing and jewelry, and recorded a growth of 10.7% compared to pre-pandemic levels in 2019.
The report revealed that clothing sales increased by 47%, jewelry by 32%, electronics by 16%, and online sales witnessed an increase of 11% compared to last year and 61% compared to 2019, and giant stores recorded a 21% jump in revenue compared to 2020 levels.
Overall, analysts expected a strong holiday season after shopping began early in October due to consumers’ fear of product shortages, to read more [Macy’s Harvest of the Early Stock During the Holiday Season] and [Puma Encourages Customers To Prepare For The Holiday Season].
But this year was a special year for shoppers who were able to celebrate the holiday season after last year’s holiday festivities were canceled, and despite that, November saw a slowdown in retail sales due to early shopping. Read More [Poshmark Expects Weak Revenue During The Holiday Season].
In fact, consumer prices rose 5.7% over the year, the fastest pace of inflation in 39 years. Read more [Biden Advisers Link The Causes of Inflation To The epidemic].