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US retail sales increased 3.0% during the expansion of the holiday shopping season, from October 11th to December 24th, reported a report by Mastercard Inc on Saturday, driven by a pandemic-driven shift toward online shopping.
US e-commerce sales increased 49% in the holiday shopping season, according to the Mastercard SpendingPulse report, highlighting the role of the COVID-19 pandemic in transforming customers’ buying habits.
The holiday shopping season may account for the majority of annual sales by certain retailers, but the health crisis has prompted several retailers, including Walmart Inc and Target Corp, facing capacity restrictions in certain stores, to launch their promotions. Christmas early.
The Christmas shopping season can account for the majority of annual sales by certain retailers. (AP Photo / Mark Lennihan)
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Vacation e-commerce sales represented 19.7% of total retail sales this year, according to data from Mastercard.
The National Retail Federation estimated that the number of people who bought only online increased by 44% during the Thanksgiving weekend, with little crowd in many stores.
People who spend more time at home due to extended home work and remote learning policies fueled the demand for home decor and renovation products, with retail sales in the furniture and home furniture category increasing 16.2%, from according to the report.
Last-minute shoppers wear masks while looking for Christmas offers at Park Meadows Mall on Thursday, December 24, 2020, in Lone Tree, Colorado (AP Photo / David Zalubowski)
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Electronics and appliances also increased 6% in the period, according to the report, as the reduction in spending on dining, travel and leisure encouraged consumers to make other purchases.
The SpendingPulse report tracks spending by combining sales activity on Mastercard’s payment network with cash estimates and other forms of payment, but excludes car sales.