Retail sales in the U.S. during the holiday season rose by 4.8% compared to the same period last year, driven by improved consumer confidence, according to a report published by Visa and covered by Rough&Polished.
The report highlights that the clothing and accessories category, which includes jewelry, was among the leading sectors, posting an impressive annual growth of 5%. This marks a significant improvement compared to the 2.4% increase recorded last year.
Visa also noted that 77% of holiday spending occurred in physical stores, which experienced a 4.1% increase in sales compared to a modest 1.6% rise in 2023. Meanwhile, online transactions accounted for 23% of total holiday spending – a 7% year-over-year increase, though slower than the 10% growth seen in the previous year.
Visa further reported nearly double the number of suspected fraudulent transactions blocked during Black Friday and Cyber Monday this year compared to 2023.
Commenting on these trends, Visa’s chief economist, Wayne Best, said, “This holiday season, we’re seeing a boost in consumer confidence, with shoppers engaging in both in-store and online experiences to buy gifts and celebrate with their loved ones. The growth in spending reflects the adaptability of both consumers and retailers, underscoring the overall health of the economy.”
The data reflects a comprehensive seven-week analysis of retail activity, beginning November 1, 2024.
