Despite a series of setbacks in the retail industry, holiday sales soared this year, The Hill reported citing AP.
This year’s Christmas season had the highest sales growth in 17 years, up 8.8 percent over the previous year. In addition, according to Mastercard Spending Pulse, Christmas sales were up 10.7% over the previous year’s holiday season. Clothing and jewelry experienced the most growth in the expenditure gauge, which monitored consumer purchasing from November 1 to December 24.
Apparel sales increased by 47 percent, followed by jewelry, which increased by 32 percent compared to the year before.
According to the Associated Press, internet Christmas sales have grown by 61% since the COVID-19 outbreak began.
Several issues, including product shortages and the COVID-19 omicron strain, endangered retail success, thus the record-breaking holiday sales are noteworthy.
According to the Associated Press, Steve Sadove, senior consultant to Mastercard and former CEO of Saks Inc, is pleased with how the holiday season went.
He went on to say that when consumers are a little uneasy, there is a slight increase in online sales and a slight decrease in retail sales.
Americans also learned to cope with product shortages by seeking for alternatives or shopping for top brands on other sites such as eBay if their first selections were unavailable.
Despite promises from large box stores like Target and Walmart that their shelves will be filled for the holidays, supply limitations look to be obstinate in other areas. Target CEO Brian Cornell recently told The Associated Press that he anticipates supply chain blockages would take many years to remove.
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