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Customers on Powell Street in San Francisco, California, U.S., November 29, 2022. /CFP
U.S. retail sales rose 7.6 percent between November 1 and December 24, which encompasses a majority of the holiday season, as steep discounts lured deal-hungry consumers, a Mastercard report showed on Monday.
However, this year's holiday retail sales growth is less than the 8.5 percent increase last year as decades-high inflation, rising interest rates and the threat of a recession turned consumers cautious.
Retailers including Amazon.com Inc and Walmart Inc offered large discounts during the holiday season to get rid of excess stock and bring back inventories to normal levels.
That led to strong demand for everything from toys to electronics during the five-day-long period between Thanksgiving and Cyber Monday.
Sales in the apparel and restaurants categories rose 4.4 percent and 15.1 percent respectively, helping boost the overall number.
Online sales jumped 10.6 percent in the period, slightly less than the 11 percent increase last year, the Mastercard report said.
Meanwhile, during the cyber week, total retail sales jumped about 11 percent, a separate Mastercard SpendingPulse report in late November showed.
However, sales of electronics dropped 5.3 percent over the broader roughly two-month period, according to the same report.
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Disinformation report hotline: 010-85061466