The increase is higher than the 7.1% growth Mastercard had forecast in September, when it anticipated consumers would pull purchases to October in the hunt for early deals
However, this year’s holiday retail sales growth is less than the 8.5% increase last year as decades-high inflation, rising interest rates and the threat of a recession turned consumers cautious.Inc and Walmart Inc in the United States offered large discounts during the holiday season to get rid of excess stock and bring back inventories to normal levels.
However, sales of electronics dropped 5.3% over the broader roughly two-month period, according to the Mastercard SpendingPulse report. Online sales jumped 10.6% in the period, slightly less than the 11% increase last year, the Mastercard report said.
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