A new Mastercard report released on Sunday (December 26) says holiday retail sales rose 8.5% this year between November 1 and December 24.
In addition, online sales have increased by 11% compared to last year.
According to results Mastercard SpendingPulse, customers shopped early and were rewarded with more special offers from retailers. And Thanksgiving weekend became crucial as it had been before – Black Friday showed a peak spending day from November 26-28, with retail sales up 14.1%.
Consumers were buying items in smaller boxes, like jewelry, according to the report. And e-commerce sales have performed well, accounting for 20.9% of total retail sales, up from 20.6% in 2020.
Shoppers were eager to secure their gifts before the retail rush, with conversations about supply chain and labor supply issues sending consumers online and into stores in droves. “said Steve Sadove, senior advisor to Mastercard and former CEO and chairman of Saks Inc. in a report. “Consumers splurged throughout the season, with clothing stores and department stores experiencing strong growth as shoppers sought to show off their best dressed feet. “
Also read: To compete with Amazon, department stores must think like a market
In other recent Mastercard news, PYMNTS wrote that the company will be acquiring McDonald’s personalization platform, Dynamic Yield. The report says the deal will likely be concluded in the first half of 2022.
The new technology will enable Mastercard to create a better world of unified consumer engagement and loyalty, enabling customers to access a more personalized experience.
Read more: Mastercard to acquire McDonald’s personalization platform, Dynamic Yield
Dynamic Yield allows menu recommendations based on factors such as weather changes. The report says quick-service restaurants have integrated rewards programs, specials and food recommendations into new digital apps to deal with contactless pickup and mobile orders.