February 2, 2023

The Usa Herald

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In the holiday season, retail purchases in the US rose 7.6%

2 min read

It was reported this Monday that retail purchases in the United States in the well-known «holiday season» between November 1 and Christmas Eve increased by 7.6%, compared to the same period in 2021, despite the strong inflation.

A lower rate than last year, when spending grew by 8.5% compared to 2020, but a figure higher than the 7.1% that the company itself had advanced, which does not offer absolute figures.

The ones that grew the most were online sales with 10.6%, compared to the same period last year, according to preliminary data offered by the credit card company.
E-commerce represented 21.6% of total retail sales in this festive period, compared to 20.9% in 2021 and 20.6% in 2020.

On the other hand, purchases in person in stores increased by 6.8%.

The «Black Friday» (Black Friday), the last Friday in November and known for being the day of the great sales in the United States, continues to be the jewel in the crown of the consumption season. On that day, Americans spent 12% more than on the same date in 2021. However, Saturdays in December followed closely behind.

Mastercard adviser Steve Sadove, quoted in a company statement, said, «Retailers offered deep discounts, but consumers diversified their holiday spending to accommodate rising prices and a post-pandemic appetite for festive gatherings and experiences.»

Michelle Meyer, Chief Economist of the Mastercard Economic Institute for North America, stressed that despite this increase in sales, it was perceived how «inflation altered the way in which American consumers approached their Christmas purchases, from the search for the best deals, to stretching gift budgets.
Thus, spending in restaurants on these dates registered a strong increase of 15.1% compared to last year, the purchase of clothing grew by 4.4% and department store sales rose by 1%.

However, consumers did not opt as much this year for jewelry or electronics, sectors whose sales fell by 5.4% and 5.3% respectively.

In the United States, the interannual rate of inflation stood at 7.1% in November, six tenths below that of October, and in monthly terms, consumer prices only rose one tenth compared to October.

However, these figures, where an increase in the sales of products in the holiday season can be seen, do not manage to fully recover the world economy, but temporarily manage to delay the economic impact a little at this end of the year. For this reason, many companies and businesses seek to obtain financial recovery and structuring through the IRAIC ecosystem, where it directly establishes new paths to improve the imbalances and economic crises that commercial establishments, businesses and individuals present, in order to to multiply their income, expand their products, services and expansion of new forms of economy with great global visibility; 100% backed by the IRAIC business group and its international associates.

Posted by Iraic.Info. News and information agency.

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