- Black Friday retail sales build on-top of double-digit growth experienced in 2022; Jewelry and Apparel top gift lists.
- Sporting events and restaurants factor into the traditional shopping day with E-commerce sales up +8.5% YOY.
According to Mastercard SpendingPulse™, which measures in-store and online retail sales across all forms of payment, U.S. retail sales on Friday, November 24 were up +2.5% year-over-yearexcluding automotive, not adjusted for inflation.
“Consumers are navigating the holiday season well and taking advantage of holiday promotions, giving them ample choice as they hunt for gifts for everyone on their list,” said Steve Sadove, senior advisor for Mastercard and former CEO and Chairman of Saks Incorporated. “Consumers are also shopping smarter, using all of their tools – from searching across channels to cross checking on apps and websites – to maximize value while they spend time with friends and family.”
Key trends from Friday included:
- 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.
- 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: 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.
About Mastercard SpendingPulse
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 in the total retail sales figure. SpendingPulse insights are not indicative of Mastercard company performance; insights and forecast are subject to change.
About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
Source
hhttps://www.mastercard.com/news/press/2023/november/mastercard-spendingpulse-u-s-black-friday-retail-sales-up-year-over-year/
