The 3.1% increase for holiday shopping year-over-year was less than the predicted 3.7% according to Forbes. The National Retail Federation (NRF) and Mastercard had predicted the 3.7% number.
As has been the case for several years, online spending growth (6.3%) outpaced in-store growth (2.2%), even though in-store is still a larger portion of total retail sales, according to Mastercard’s SpendingPulse survey, which does not include automobile and gasoline purchases.
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Clothing was the largest sector for holiday spending, with a 2.4% increase year-over-year.
Americans also spent more on food this year, with restaurant spending up 7.8% and grocery spending up 2.1% compared to 2022.
Mastercard’s predictions overestimated total retails sales, but underestimated restaurant spending.
Black Friday to Super Saturday
U.S. shoppers spent $38 billion during the five days between Thanksgiving and Cyber Monday, according to Adobe Analytics. Adobe’s report shows consumers spending $12.4 billion on Cyber Monday, an increase of 9.6%.
Because “Super Saturday” (the last Saturday before Christmas) fell on the day before Chrismas Eve, sales on that day rivaled Black Friday. According to Placer.ai, Super Saturday’s grocery sales were stronger than “Turkey Wednesday” (the day before Thanksgiving).