Apparel was one of the top categories for shoppers this season as consumers shopped for new outfits and upcoming holiday festivities. The sector was up 2.4 per cent YOY.
Online retail sales increased 6.3 per cent year over year while in-store sales were up a more modest 2.2 per cent year over year. Spending online is increasing at a faster pace than in-store, therefore taking a growing slice of the retail pie, but shopping in-store still makes up a considerably larger portion of total retail spending, as per the report.
“This holiday season, the consumer showed up, spending in a deliberate manner,” said Michelle Meyer, chief economist, Mastercard Economics Institute. “The economic backdrop remains favourable with healthy job creation and easing inflation pressures, empowering consumers to seek the goods and experiences they value most.”
“Retailers started promotions early this season, giving consumers time to hunt for the best deals and promotions,” said Steve Sadove, senior advisor for Mastercard and former CEO and chairman of Saks Incorporated. “Ultimately it was about getting the most bang for your buck as consumers spent on a variety of goods and services, resurfacing spending trends from before the pandemic.”
ALCHEMPro News Desk (KD)
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