Fueled by high consumer confidence and a robust job market, U.S. retail sales in the holiday period rose at their best pace since 2011, according to Mastercard SpendingPulse, which tracks both online and in-store spending.
Sales, excluding automobiles, rose 4.9 percent from Nov. 1 through Christmas Eve, compared with a 3.7-percent gain in the same period last year, according to the Mastercard Inc. unit, which tracks all forms of payment. E-commerce continued to drive the gains, rising 18.1 percent.
“It started with a bang in the week leading up to Black Friday,” said Sarah Quinlan, a senior vice president of marketing insights at Mastercard. She added that retailers benefited this year from Christmas Day falling on a Monday, giving shoppers a full weekend to scoop up last-minute purchases. Dec. 23 ranked next to Black Friday in terms of spending, according to Mastercard.
“Overall, this year was a big win for retail,” Quinlan said.
That newfound buoyancy is a relief to retailers — from department-store giants like Macy’s Inc. to mall favorites like Gap Inc. — that struggled through a difficult year of store closures, declining foot traffic and bankruptcies by chains including the Sports Authority, Toys ‘R’ Us and Payless Shoes.
