October retail sales grew 6.1%* year-over-year, marking a strong start to the holiday shopping season.
With holiday cheer in the air and shoppers returning to stores in force, U.S. retail sales during Thanksgiving week are expected to grow 10.0% YOY and 12.2% YO2Y, excluding auto and gas.
According to Mastercard SpendingPulse™, which measures
overall retail sales across all payment types including cash and check,
e-commerce is also expected to experience sustained growth, increasing 7.1% YOY
and 50.2% YO2Y for the week running November 22 through November 28.
With supply chain challenges straining product availability, elevated inflation and consumers creating unprecedented demand for goods, this holiday season is shaping up to be a seller’s market for retailers. Key Thanksgiving Week trends to watch include:
“Holiday lights are shining bright for retailers this year,” said Steve Sadove, senior advisor for Mastercard and former CEO and Chairman of Saks Incorporated. “The consumer is strong and spending. With discounts in short supply, product innovation, availability and sustainability will be deciding factors for consumers eager to cross off their holiday shopping lists.”
Mastercard SpendingPulse™ | ||
| 2021 vs. 2020 | 2021 vs. 2019 |
Total Retail (ex. auto & gas) | 10.0% | 12.2% |
Total Retail (ex. auto) | 11.7% | 13.7% |
E-commerce sales | 7.1% | 50.2% |
Apparel | 56.0% | 21.9% |
Department Stores | 40.2% | 7.6% |
Electronics | 29.6% | 17.5% |
Jewelry | 39.7% | 39.7% |
Luxury (ex. Jewelry) | 92.3% | 17.0% |
Mastercard SpendingPulse October Insights: Holiday Spending in Full Swing
As anticipated, the holiday shopping season kicked off in October, with early promotions driving consumers online and in stores. According to Mastercard SpendingPulse, October U.S. retail sales excluding auto and gas increased 6.1% year-over-year and 12.9% compared to October 2019. E-commerce sales in October grew 13.2% YOY and 76.7% YO2Y, compared to the same periods.
Apparel, Jewelry, Luxury and Restaurants all saw double-digit growth compared to both 2020 and 2019. In addition, Department Stores rose +17.7% compared to last year and +6.6% vs. 2019. The full October SpendingPulse figures can be viewed here.
Mastercard SpendingPulse reports on national retail sales
across all payment types in select markets around the world. The findings are
based on aggregate sales activity in the Mastercard payments network, coupled
with survey-based estimates for certain other payment forms, such as cash and
check.
Mastercard SpendingPulse defines “U.S. retail sales” as
sales at retailers and food services merchants of all sizes. Sales activity
within the services sector (for example, travel services such as airlines and
lodging) are not included.
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