Mastercard: U.S. retail sales increased 7.6% year-on-year in the 2022 holiday season

According to Mastercard, U.S. retail sales (excluding auto sales) increased 7.6% year-on-year from November 1 to December 24.

“This holiday retail season looked different than years past, with retailers discounting heavily but consumers diversifying their holiday spending to accommodate rising prices and demand for post-pandemic experiences and holiday gatherings,” said Steve Sadove, senior advisor to Mastercard and former CEO and chairman of Saks Incorporated.

Key trends for this holiday season include:

E-commerce shoppers "add to cart": Preliminary data shows that online sales increased 10.6% compared to the same period last year. E-commerce accounted for 21.6% of total retail sales this holiday season, up from 20.9% in 2021 and 20.6% in 2020. The channel continues to experience high growth as consumers prioritize convenience and discounts.

Weekend shopping reigns supreme: Black Friday retained its title as the biggest spending day of the 2022 holiday season, excluding auto purchases, up 12% year-over-year. It was followed closely by Saturdays in December.

Restaurants Ring in the Holidays: In-person dining continues to show strength, with restaurant spending up 15.1% year-over-year, based on the ongoing demand for experiences. From gatherings with coworkers to dinners with friends and family, the holiday season has drawn consumers out for the holidays.

“Inflation has changed the way American consumers approach holiday shopping, from searching for the best deals to balancing tight gift-giving budgets,” said Michelle Meyer, chief economist for North America at Mastercard Economics. “Consumers and retailers have navigated the season successfully, demonstrating resilience amid mounting economic pressures.”