US Holiday Retail Sales Grow 3.1%, Down From The Prior Year, Mastercard Says

• U.S. retail sales increased by 3.1% between Nov. 1 and Dec. 24, slightly below Mastercard's earlier forecast and significantly lower than the previous year's growth, with factors like higher interest rates and inflation impacting consumer spending.
• Amazon and Walmart intensified promotions in November, with discounts perceived to be less profound than last year. Shoppers, remaining price-conscious, delayed purchases until Black Friday and Cyber Monday, culminating in a final surge on Super Saturday.
• E-commerce sales grew at a slower pace (6.3%) compared to the prior year (10.6%), indicating a moderation in online shopping after the pandemic highs.
• Apparel and restaurant sales increased (2.4% and 7.8%, respectively), while electronics sales saw a slight decline (0.4%) during the holiday shopping period.

(Source: Reuters)