Spending during the holiday season increased by 7.6 percent compared to 2021, according to a survey conducted by MasterCardSpendingPlus™. 

From November 1^st through December 24^th, online sales grew by 10.6 percent with this channel, comprising 21.6 percent of total retail sales, up from 20.9 percent in 2021.  Black Friday sales were 12 percent higher than in 2021 with a comparable increase during pre-Christmas Saturdays. 

MasterCardSpendingPlus™ determined that in-store sales increased by 6.8 percent, compared to the higher value for E-commerce at 10.6 percent.  The winner among categories was in-person dining that was up 15 percent, possibly due to family and business gatherings prior to the Christmas weekend.  A discordant note was a 5.3 percent decline in electronics possibly attributed to the fact that many families had purchased flat screen TVs, pads and computers during the 2020-2021 COVID lockdown. This may also reflect frugality and uncertainty over a possible recession.

Michelle Meyer, North American Chief Economist for MasterCard Economics Institute, stated, “Inflation altered the way U.S. consumers approached their holiday shopping.”  She added, “Consumers and retailers navigated this season well, displaying resilience amid increasing economic pressures.”