Retail spending during the 2024 holiday season exceeded expectations, with consumers demonstrating resilience in the face of economic uncertainties. According to Mastercard SpendingPulse, total retail sales from Nov. 1 to Dec. 24 increased by 3.8% year over year, surpassing the previously forecast rise of 3.2% and topping the 3.1% increase during the same period last year.
This growth was primarily driven by a surge in online shopping, which saw a 6.7% increase compared to the previous year. In contrast, in-store sales experienced a more modest 2.9% growth. The convenience of online shopping, coupled with services like “buy online, pick up in-store” (BOPIS) and fast, free deliveries, contributed to this trend.
