The pandemic has not deterred people from spending money during the holidays this year.
According to Mastercard SpendingPluse, holiday retail sales were about 3% higher in 2020 than they were a year ago.
“American consumers turned the holiday season on its head, redefining ‘home for the holidays’ in a uniquely 2020 way. They shopped from home for the home, leading to record e-commerce growth,” said Steve Sadove, senior advisor for Mastercard and former CEO and Chairman of Saks Incorporated said in a press release. “And, consumers shopped earlier than ever before. Across our expanded 75-day holiday shopping season, sales were up 3.0%, a testament to the holiday season and strength of retailers and consumers alike.”
Mastercard said that between Oct. 11 and Dec. 24, online spending was up 49%, with sales on furniture and home improvement items also seeing an increase.
Online furniture sales grew 31% compared to last year, and home improvement items were up 79%, Mastercard said.
Sales for department stores and clothing brands were down this year, with apparel declining 19% and overall sales at department stores fell 10%.