WASHINGTON (dpa-AFX) - U.S. retail sales rose by 3.1% for the period from November 1 through December 24, primarily driven by attractive online offers and last-minute Christmas deals, according to the Mastercard SpendingPulse preliminary report. However, the figure is comparatively lower than the previous year's growth of 7.6%.
The report, issued on Tuesday, stated that the figure is lower than Mastercard's forecast of 3.7% growth in September.
The Mastercard SpendingPulse report takes into account in-store and online retail sales across all payment types, whereas it excludes car sales and is not controlled for inflation. The report considers aggregate sales activity in the Mastercard payment network, along with estimates based on surveys for cash and check payment forms.
During the holiday season, online retail sales stood at 6.3%, compared to last year's 10.6%, while in-store sales rose by 2.2% on a year-on-year basis.
Michelle Meyer, Chief Economist, Mastercard Economics Institute said, 'This holiday season, the consumer showed up, spending in a deliberate manner. The economic backdrop remains favorable with healthy job creation and easing inflation pressures, empowering consumers to seek the goods and experiences they value most.'
The most popular sector this holiday season was apparel, which grew by 2.4% on a year-on-year basis, while jewelry and electronics sales fell by 2% and 0.4%, respectively.
The restaurant sector was up 7.8%, and the grocery sector was up 2.1% for the holiday season.
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