PURCHASE, N.Y.—Holiday sales increased 5.1% to more than $850 billion this year, the strongest growth in the last six years, new data show.
Online shopping also saw large gains of 19.1% compared to 2017, according to Mastercard’s SpendingPulse report, which provides insights into overall retail spending trends across all payment types, including cash and check.
The report details holiday shopping from Nov. 1 through Dec. 24.
Key findings of the report indicate that despite weather challenges, this was a winning holiday season for retail overall. However, the story was different category by category, reported Street Insider in its analysis:
- Total apparel had a strong season with a growth rate of 7.9% compared to 2017, recording the best growth rate since 2010. The category followed through on a strong momentum that started during the back-to-school season and accelerated through fall right up to Christmas.
- Home improvement spending continued to surge across the U.S. with spending during the holiday season up 9.0%.
- Department stores finished the season with a 1.3% decline from 2017. This follows two years with growth below 2%, some of which can be attributed to store closings. However, the online sales growth for department stores indicated a more positive story, with growth of 10.2%, Street Insider said.
- Electronics and appliances were down 0.7%. The home furniture and furnishings category grew 2.3%.