The holiday season of 2022 saw a boost in retail sales, according to the Mastercard Spending Pulse report. Between Nov. 1 and Dec. 24, U.S. retail sales increased by 7.6% compared to the same period in 2021. This is good news for retailers and provides an indication of economic recovery during the pandemic.
Restaurant spending experienced the largest year-over-year boost at 15.1%, while online sales grew by 10.6% year-over-year, accounting for 21.6% of retail sales. Electronic and jewelry sales saw a decrease of 5.3% and 5.4%, respectively.
Despite the boost in retail sales, inflation is still a concern for many Americans. A YouGovAmerica and Economist survey found that 46% of Americans believe the rate of inflation will be higher six months from now, and 78% of Americans say inflation has become a crisis. As a result, Americans are cutting back on their savings, and adjusting their shopping habits. Online food and beverage sales were expected to grow by 22.9%, health and personal care sales were expected to increase by 21%, and sales of apparel and accessories were projected to increase by 10.9%.
Those who are struggling to pay off holiday shopping debt can consider taking out a personal loan. Credible provides an opportunity to get a personalized interest rate and compare interest rates from different lenders at once, without affecting your credit score. Additionally, The Credible Money Expert is available to answer any finance-related questions at [email protected].