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Marketing and Sales Big discounts attracted holiday shoppers this year, leading to strong retail sales

Big discounts attracted holiday shoppers this year, leading to strong retail sales (Photo by Sven Hoppe/picture alliance via Getty Images)

By Savannah Young Leaders Staff

Savannah Young

News Writer

Savannah Young is a news writer for Leaders Media. Previously, she was a digital reporter for WATE Channel 6 (ABC)...

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Dec 28, 2022

Holiday Shoppers Shopped

Big discounts attracted holiday shoppers this year, leading to strong retail sales.

Key Details

  • U.S. retail sales had a 7.6% year-over-year jump this holiday season, according to Mastercard Incorporated’s holiday sales data.
  • Despite inflation affecting retail prices, many consumers were pulled into stores by significant discounts between November 1 and December 24.
  • E-commerce sales rose 10.6% year over year, in-store sales grew 6.8%, restaurant sales increased 15.1%, apparel stores 4.4%, and department stores grew 1%.

Why it’s news

Despite many consumers being affected by high inflation prices, holiday sales were strong this year.

Mastercard Incorporated’s data show that U.S. retail sales had a 7.6% year-over-year jump this holiday season. The jump was higher than Mastercard’s original expectation of 7.1% but lower than last year’s 8.5% growth.

Rising costs brought on by inflation kept many shoppers wary, but many stores offered big discounts that pulled shoppers in.

E-commerce sales rose 10.6% year over year, in-store sales grew 6.8%, restaurant sales grew 15.1%, apparel stores 4.4%, and department stores grew 1% for this holiday season. Although those areas saw increases, electronics and jewelry sales fell 5.3% and 5.4% year over year.

Many stores had an excess inventory this year after being affected by supply-chain issues the past few years. To get rid of the large amounts of built-up stock, stores added hefty discounts, bringing many shoppers in.

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