Online shopping will see strong growth this year, and in-store sales will see a rebound, according to a forecast by Mastercard SpendingPulse.
“This holiday season will be defined by early shopping, bigger price tags and digital experiences,” according to Steve Sadove, senior advisor for Mastercard and former CEO and Chairman of Saks Incorporated.
Total US retail sales for the holiday season (Nov. 1 – Dec. 24) are anticipated to grow 7.4%, excluding automotive and gas:
- Online consumer spending will grow by over 7.6% compared to last year (or 57.3% compared to 2019).
- In-store spending will grow 6.6% compared to last year.
“Over the past two years, retailers have learned a lot about what shoppers want and need, bringing us into an exciting new age of retail resilience,” Sadove said. “Retailers have been preparing for this moment and will find innovative ways to deliver on what’s bound to be the biggest holiday shopping season yet.”
Mastercard SpendingPulse measures overall retail sales across all payment types including cash and check.
You can find the full details and an infographic on the Mastercard website, including its sales forecast for the “75 Days of Christmas” – Oct 11 – Dec. 24, which it provides since it expects early holiday shopping to begin in October.
Results from the 2020 holiday shopping season are found on this page of the Mastercard website.