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PURCHASE, N.Y. — According to Mastercard SpendingPulse™, which measures in-store and online retail sales across all forms of payment, U.S. retail sales on Friday, November 24 were up +2.5% year-over-year excluding automotive, not adjusted for inflation.
“Consumers are navigating the holiday season well and taking advantage of holiday promotions, giving them ample choice as they hunt for gifts for everyone on their list,” said Steve Sadove, senior advisor for Mastercard and former CEO and Chairman of Saks Incorporated. “Consumers are also shopping smarter, using all of their tools – from searching across channels to cross checking on apps and websites – to maximize value while they spend time with friends and family.”
Key trends from Friday included:
- Consumers add to cart: E-commerce sales remained strong increasing +8.5% YOY as consumers shopped deals online, avoiding crowds. Further, a number of sporting events aired on Friday, making online shopping an appealing option for game day viewers to shop wherever they might be watching. In-store sales increased +1.1% YOY.
- Festive feasting: In addition to shopping, consumers gathered with friends and families for shared meals to celebrate the holidays with the Restaurant sector continuing its growth streak.
- No need to wait: Retailers once again started their Black Friday sales early in the month, giving consumers ample time to search for promotions and score the best deals.
- Unwrapping surprises: While experiential gifts have been the popular choice the past few years, consumers continue to search for something to unwrap for the holidays with Jewelry and Apparel being the top gift sectors of the day. Department Store sales as well as Furniture and Furnishings continued to lag other sectors compared to 2022.
