Holiday spending surged in 2024, blowing past expectations and outpacing customer purchases over the gift-buying season last year, according to data released on Thursday by Mastercard SpendingPulse, which gauges in-store and online retail sales.
Retail sales climbed 3.8% from November 1 to December 24 compared with the same period last year, Mastercard SpendingPulse data showed. The boost in spending exceeded a Mastercard SpendingPulse estimate of 3.2%, while outperforming last year’s growth of 3.1%. The retail sales data excludes automotive purchases.
Jewelry sales grew more than any other product category, climbing 4% compared to last year, the data showed. Spending on apparel and electronics also climbed at a solid pace.
The shopping surge was most pronounced online, where spending grew 6.7% compared to the same period last year, the data showed.