US' retail sales up 10.9% YoY on Thanksgiving weekend: Mastercard

Apparel was one of the key drivers of Thanksgiving 2022 weekend’s growth, as the segment saw 14.4-per cent increase YoY, according to the report.

“Digital and physical stores have both been prioritised this season as new consumer preferences for omnichannel emerge,” said Steve Sadove, senior advisor for Mastercard and former CEO and chairman of Saks Incorporated.

For Monday, November 28, 2022, overall retail sales remained positive though they moderated slightly from the weekend in terms of year-over-year growth. Total retail sales excluding auto were up 9.7 per cent YOY, while e-commerce sales were up 10.9 per cent YOY and in-store retail sales were up 9.2 per cent YOY, according to the report.

US retail sales on Friday, November 25, 2022, were up 12 per cent year-over-year excluding automotive. Further, in-store sales increased 12 per cent YOY, while e-commerce sales experienced a sustained growth of 14 per cent YOY.

“With holiday promotions kicking off long before the Thanksgiving weekend, consumers have been shopping strategically for the season’s best deals,” said Michelle Meyer, North America chief economist, Mastercard Economics Institute. “Retailers delivered on Black Friday with deals that enticed consumers to fill their carts despite the inflationary environment."

Fibre2Fashion News Desk (DP)