Holiday shoppers remained undeterred by the uptick in COVID-19 cases, supply chain snags and rising inflation.
Retail sales have grown by 8.5% year-over-year during the holidays and online sales are up 11%, according to data released Sunday by Mastercard, which tracked in-store and online sales in the U.S. between Nov. 1 and Christmas Eve. Total holiday sales were up 10.7% over the 2019 holiday period.
“Shoppers were eager to secure their gifts ahead of the retail rush, with conversations surrounding supply chain and labor supply issues sending consumers online and to stores in droves,” said Steve Sadove, senior adviser for Mastercard and former CEO and chairman of Saks Incorporated.
“Consumers splurged throughout the season, with apparel and department stores experiencing strong growth as shoppers sought to put their best-dressed foot forward.”
The rise in sales this holiday season hit its fastest pace in 17 years.
E-commerce sales accounted for nearly 21% of total retail sales over the holiday season, up slightly from last year.
Clothing and jewelry sales led this year’s rise in sales, up 47% and 32% respectively.
• This article is based in part on wire service reports.
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