PURCHASE, N.Y.—Credit unions may want to adjust their card promotions after new data show U.S. retail sales on Black Friday were up 2.5% year-over-year excluding automotive, not adjusted for inflation, according to Mastercard’s SpendingPulse data.
In addition to the new data, credit unions may also want to use the numbers to help members handle debts responsibly, including on the usage of buy now, pay later (BNPL) financing, which is also projected to surge this year.
According to Mastercard, the key trends CU leaders will want to give attention what is considered the official start of the holiday shopping season include:
- Consumers add to cart. “E-commerce sales remained strong increasing 8.5% YOY as consumers shopped deals online, avoiding crowds. Further, a number of sporting events aired on Friday, making online shopping an appealing option for game day viewers to shop wherever they might be watching. In-store sales increased 1.1% YOY.”
- Festive feasting. “In addition to shopping, consumers gathered with friends and families for shared meals to celebrate the holidays with the Restaurant sector continuing its growth streak,” Mastercard said.
- No need to wait. “Retailers once again started their Black Friday sales early in the month, giving consumers ample time to search for promotions and score the best deals.”
- Unwrapping surprises. According to Mastercard, “While experiential gifts have been the popular choice the past few years, consumers continue to search for something to unwrap for the holidays with Jewelry and Apparel being the top gift sectors of the day. Department Store sales as well as Furniture and Furnishings continued to lag other sectors compared to 2022.”
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