This year’s Christmas sales growth is below the increase in sales for the 2022 Christmas season (5.3%), and well below that of 2021 (14.1%), according to the Federation National Retailers (NRF).
Data from Mastercard SpendingPulse indicates that clothing purchases and restaurants were the areas of greatest spending between November 1 and December 24, while consumption fell in the electronics and jewelry sections.
Mastecard’s report on Christmas shopping is close to what the NRF estimated, which described consumers affected by higher credit interest rates.
“This holiday season, the consumer was spending deliberately, but less than in previous years,” said Michelle Meyer, chief economist at the Mastercard Economics Institute.
Source: With information from AFP
