New York
CNN
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Americans increased their spending this holiday season. inflation Consumers have been forced to pay more for retail goods and dining experiences.
US retail sales increased 7.6% from November 1 to December 24 compared to the same period last year. Mastercard spending pulse, was released on Monday. The index tracks physical and online retail sales across all payment methods, excluding car sales, and is not adjusted for inflation.
The report is a welcome sign after lower consumer spending has led to a recession. U.S. Retail Sales Slump in November, despite the crowds on Black Friday. Still, inflation is likely to account for much of the year-over-year increase in consumer spending over the holiday season.
of Personal Consumption Expenditure Price Index — the Federal Reserve’s favorite inflation gauge — the Commerce Department reported on Friday that it rose 5.5% year-on-year in November.
“Consumers and retailers have weathered the season well, demonstrating resilience amid mounting economic pressures,” said Michelle Mayer, chief economist for North America at Mastercard Economics Institute, in a statement.
According to Mastercard, consumers have diversified their spending to cope with rising prices and prioritization of dining out and other experiences. The restaurant’s sales increased by more than 15% he compared to the same period last year.
American shoppers also increasingly prefer online shopping, with online sales growing 10.6% year-over-year and e-commerce accounting for 21.6% of total retail sales, up from 20.9% in 2021. I’m here.
