US Holiday Retail Sales Slow From Last Year, Mastercard Data Shows

Price-conscious consumers were a bit more reserved in their holiday shopping this year as above-trend inflation and higher interest rates weighed on shoppers during the most wonderful time of the year, new data shows. Retail sales rose 3.1 percent between Nov. 1 and Dec. 24, down from last year’s 7.6 percent spike, according to Mastercard’s latest SpendingPulse report. The results fell short of the company’s 3.7 percent estimate. Online sales advanced 6.3 percent, down from the 10.6 percent gain at the same time a year ago. In-store sales edged up 2.2 percent, down from 6.8 percent in 2022. The data, which are not adjusted for inflation and excludes automotive sales, revealed that consumers spent the most on restaurants (7.8 percent), apparel (2.4 percent), and groceries (2.1 percent). Jewelry and electronics sales tumbled 2 percent and 0.4 percent, respectively....