Holiday Retail Sales Rise 3.1%, Falling Short of Expectations

Online and Restaurant Spending See Growth, While Electronics and Jewelry Sales Decline

According to Mastercard SpendingPulse, US retail sales rose 3.1% year-over-year during the holiday season, falling short of the 3.7% growth that was expected.
Online sales increased by 6.3% year-over-year, outpacing in-store sales which saw a 2.2% increase.
Spending in the restaurant sector increased by 7.8% year-over-year, while grocery sales saw a 2.1% increase.
Sales in the electronics and jewelry sectors declined by 0.4% and 2% respectively.
Despite the lower than expected growth, the increase in sales suggests that the economy remains strong, with consumers continuing to spend despite inflation and higher borrowing costs.