According to a report released by Mastercard Inc, the holiday retail sales in the US experienced a remarkable increase of 8.5% compared to the previous year. This surge in sales was primarily attributed to the growing popularity of e-commerce. The Mastercard SpendingPulse report, which examines consumer spending patterns, revealed that online sales during the holiday season jumped by 11%, highlighting the profound impact of the pandemic on the way consumers shop.

Amid concerns about disruptions in the supply chain due to the ongoing Covid-19 crisis, shoppers made a beeline for physical stores, resulting in an 8.1% increase in sales compared to last year. Consumers were compelled to secure their gifts early, prompted by discussions surrounding supply chain and labor supply issues. Steve Sadove, the senior advisor for Mastercard, acknowledged this trend and emphasized that consumers were turning to both online and brick-and-mortar stores in large numbers.

The report also shed light on the fact that holiday e-commerce sales accounted for a significant 20.9% of total retail sales this year. This data further underscores the growing preference for online shopping as consumers appreciate the convenience and comfort of browsing and purchasing from the comfort of their homes. Notably, categories such as jewelry and electronics experienced substantial growth during the holiday season. Jewelry sales witnessed a remarkable surge of 32% compared to the previous year, while electronics sales saw a notable increase of 16.2%.

It is important to understand that the Mastercard SpendingPulse report analyzes sales activity within Mastercard’s payments network and estimates cash and other payment forms. However, it does not include sales related to automobiles.

Overall, the holiday season this year witnessed a significant boost in retail sales in the US, with e-commerce playing a pivotal role in driving this growth. As consumers continue to embrace the convenience and accessibility of online shopping, it is anticipated that the e-commerce sector will continue to flourish in the coming years. The pandemic has unmistakably expedited the transformation of consumer shopping habits, and retailers must adapt to meet the evolving demands of their customers.

For more information on this topic, you can visit the following links:
1. Mastercard Holiday Retail Sales Report
2. Statista: US Retail E-commerce Holiday Sales