The Magazine for Asian Investors
MasterCard Company Inc. announced that retail sales in the U.S. increased by 8.5% in the run-up to the festive season from November 1 to December 24, due to a sharp increase in online sales. This is also due to various stores incentivizing consumers due to various special offers.
Mastercard’s SpendingPulse report finds that online sales in the U.S. increased 11% during the COVID 19 pandemic. This indicates a shift in consumer behavior who are more likely to seek online commerce out of concern. In-store sales were up 8.1%.
Steve Sadov, senior advisor at MasterCard, said: “News of supply chain problems and labor shortages have driven consumers to buy gifts faster every year. As a result, sales of both online and offline channels rose between November 1 and December 24.”
The most popular products in online retail were clothing, jewelry and electronics, with increases of 42%, 32% and 16.2%, respectively.