Holiday Retail Spending Rose 4.2% This Season, Driven by E-commerce and Electronics
Holiday retail spending in the United States rose 4.2% this season, driven by e-commerce and electronics, according to a Visa report [1]. The report shows that consumers spent more on tech and apparel, with online sales jumping 7.8% despite higher prices.
The increase in holiday retail spending is a positive sign for the US economy, which has been experiencing a slowdown in recent months. The Visa report suggests that consumers are still willing to spend money on discretionary items, such as electronics and clothing, despite the higher prices.
The report also highlights the growing importance of e-commerce in the holiday shopping season. Online sales accounted for 7.8% of total holiday retail spending, up from 6.5% last year. This trend is expected to continue in the coming years, as more consumers turn to online shopping for their holiday needs.
The Visa report provides a detailed breakdown of holiday retail spending by category, including:
- Electronics: 12.1% increase in spending
- Apparel: 8.5% increase in spending
- Home and furniture: 4.5% increase in spending
- Toys and games: 3.5% increase in spending
- Food and beverages: 2.5% increase in spending
The report also notes that consumers are using their credit cards more frequently during the holiday season, with an average of 2.5 credit card transactions per person.
The Visa report is based on data from over 3,000 merchants across the US, and provides a comprehensive picture of holiday retail spending trends.
Sources
[1] Holiday retail spending rose 4.2% this season, driven by e-commerce and electronics: Visa report