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Retail Sales Grew Modestly in Holiday Season

Holiday season retail sales excluding automotive grew modestly in 2023, according to spending data from Mastercard SpendingPulse, which tracks in-store and online retail sales across all forms of payment.  Sales for the November 1 through December 24 grew 3.1% vs. 2022, without adjustment for inflation, according to the report. 

As has been the case routinely in recent years, online sales were up faster, at a 6.3% rate, compared to a 2.2% growth rate for in-store sales. 

The public report only broke out a few categories, restaurant purchases, up 7.8%, was the fastest-growing category reported.   Apparel was up 2.4%, while electronics sales were down 0.4%, and jewelry was down 2.0%.

Source: ICv2

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