NEW YORK—Even though Americans are feeling budget pressures from high inflation and rising prices, they nevertheless spent the Thanksgiving/Black Friday/Cyber Monday weekend shopping— both online and off — and dining out, leading to double-digit sales growth.
That’s according to Mastercard’s SpendingPulse report for Black Friday, which showed increases in spending across non-automotive categories: retail sales on Friday (Nov. 25) rose 12% year-over-year, the report found, with in-store sales increasing 12% and eCommerce sales seeing a growth of 14%, Pymnts.com stated in its analysis.
Steve Sadove, senior advisor for Mastercard and former CEO and chairman of luxury retail brand Saks Fifth Avenue, attributed the growth to retailers offering promotions across channels, which led to a 19% increase in apparel sales, a 4% increase in sales of electronics, and a 21% increase in sales at restaurants. The 12% figure is slightly lower than the 15% Mastercard projected earlier this month, Pymnts.com explained.
‘Shopping Strategically’
“With holiday promotions kicking off long before the Thanksgiving weekend, consumers have been shopping strategically for the season’s best deals,” Michelle Meyer, North America chief economist, Mastercard Economics Institute, said in a released statement.
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