The 2024 holiday season sparkled with a 3.8% increase in U.S. retail sales from November 22 to December 24, surpassing Mastercard’s 3.2% growth forecast, according to a Reuters report on December 26, 2024. Outpacing 2023’s 3.1% rise, this growth occurred despite a condensed 26-day shopping window between Thanksgiving and Christmas—five days shorter than last year.
Online sales stole the show, climbing 6.7% year-over-year, with apparel (7.3%), jewelry (6.3%), and electronics (3.7%) leading the charge. Retail giants like Walmart, Target, and Amazon leveraged smart promotions, offering value without steep discounts, as noted by Steve Sadove, former Saks CEO and Mastercard adviser. The final five days, including Super Saturday, accounted for 10% of total spending, highlighting last-minute shoppers’ focus on quality deals. In-store sales rose 3.2%, and restaurant spending grew 4.7%, reflecting a vibrant holiday spirit.
Low unemployment, steady wage growth, and moderating inflation (2.9% in July 2024) fueled consumer confidence, though shoppers remained selective, favoring promotions and meaningful purchases like tech and fashion. This trend aligns with what we see at Denver Illuminations, where customers seek high-quality, long-lasting holiday lighting to elevate their celebrations.
Source: Reuters, “U.S. holiday retail sales come in above forecast, Mastercard says,” December 26, 2024.
