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During the upcoming holiday season in the U.S., retail sales, excluding autos, are expected to increase by 7.1 percent. Figures from the latest Mastercard Spendingpulse forecast.
Omni-channel offerings as well as strong promotions are part of the reason for this optimistic data. But Michelle Meyer, chief U.S. economist, also explains, “New job creation, rising wages and continued savings should result in many consumers willing and able to spend.”
The holiday season builds on the momentum seen this summer. U.S. retail sales were up +11.7% in August. Ditto for online sales, which were up +8.9%. Sectors affected by this strong growth include restaurants, airlines and lodging.
An inflationary environment
The Mastercard Spendingpulse report also reveals the arrival of new trends and behaviors.
Holiday shopping should start earlier this year, as early as October. This is a good time for end-of-series and end-of-collection items, which meet consumers’ expectations. With inflation having a real impact on their wallets, “bargain hunting” is now a priority for consumers.
In-store experiences are also attracting shoppers again. With the pandemic, e-commerce had grown significantly over the past two years. But the consumer, tired of shopping from behind a screen, is now abandoning the virtual for the real. Between January and August 2022, in-store spending already accounted for more than 4/5 of retail sales.
Michelle Meyer adds, “This holiday season, consumers may find themselves looking for ways to navigate the inflationary environment – looking for deals that maximize their gift budgets.”
A beneficial next season
Last but not least: avant-garde gifts. After two years cooped up inside, in casual and sporty clothes, customers want something new, something beautiful. Clothing and luxury goods have seen a profit of +4.6% and +4.4% respectively over the year. These will be hot sectors for Christmas gifts, allowing to enter the new year in style.
Steve Sadove, Mastercard’s senior advisor and former CEO of Saks Incorporate, said, “This holiday retail season is bound to be much more promotional than the last“. He added, “The mitigation of supply chain issues…has left retailers in an interesting position heading into the vacations. Retailers who have been able to clear out remaining inventory and accurately forecast inventory needs will be best positioned for growth.”
Read also >Tod’s sales increase
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During the upcoming holiday season in the U.S., retail sales, excluding autos, are expected to increase by 7.1 percent. Figures from the latest Mastercard Spendingpulse forecast.
Omni-channel offerings as well as strong promotions are part of the reason for this optimistic data. But Michelle Meyer, chief U.S. economist, also explains, “New job creation, rising wages and continued savings should result in many consumers willing and able to spend.”
The holiday season builds on the momentum seen this summer. U.S. retail sales were up +11.7% in August. Ditto for online sales, which were up +8.9%. Sectors affected by this strong growth include restaurants, airlines and lodging.
An inflationary environment
The Mastercard Spendingpulse report also reveals the arrival of new trends and behaviors.
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During the upcoming holiday season in the U.S., retail sales, excluding autos, are expected to increase by 7.1 percent. Figures from the latest Mastercard Spendingpulse forecast.
Omni-channel offerings as well as strong promotions are part of the reason for this optimistic data. But Michelle Meyer, chief U.S. economist, also explains, “New job creation, rising wages and continued savings should result in many consumers willing and able to spend.”
The holiday season builds on the momentum seen this summer. U.S. retail sales were up +11.7% in August. Ditto for online sales, which were up +8.9%. Sectors affected by this strong growth include restaurants, airlines and lodging.
An inflationary environment
The Mastercard Spendingpulse report also reveals the arrival of new trends and behaviors.
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