U.S. Holiday Sales Up 8.5% From Last Year Despite Omicron And Supply Chain Issues: Report
A new report shows U.S. holiday sales jumped by 8.5% as compared to last year, increasing at the fastest rate in 17 years.
The sales figures outpaced a 7.4% increase expected by economists at $MasterCard(MA.US)$ SpendingPulse, which issued the report. The surge in sales during this year’s holiday season (Nov.1 to Dec. 24) occurred despite ongoing supply chain issues, and the growing threat of the omicron covid variant.
“Shoppers were eager to secure their gifts ahead of the retail rush, with conversations surrounding supply chain and labor supply issues sending consumers online and to stores in droves,” Steve Sadove, a senior adviser for Mastercard and former chief executive officer of Saks Inc., said in a statement Sunday. "Consumers splurged throughout the season, with apparel and department stores experiencing strong growth as shoppers sought to put their best dressed foot forward."
Sales of clothing rose by 47%, jewelry sales saw a jump of 32%, and electronics purchases were up by 16%. Online sales rose by 11% from a year ago and 61% from 2019, while department stores experienced a 21% sales increase over 2020.
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