According to a Monday Mastercard report, retail sales grew by 7.6% this holiday season compared to the same period last year, as customers took advantage of heavily discounted merchandise.
Black Friday shoppers take a moment to rest in massage chairs at a mall.
The report shows that restaurant spending increased the most from November 1 through December 24 compared to the previous year.
During the holiday season, online sales increased by 10.6% compared to the same period last year, an increase from the previous two years.
Black Friday is the biggest shopping day of the year with spending up 12% over last year.
Electronics and jewelry both decreased in spending compared to the year before.
The retail industry was pleasantly surprised by the 7.6% increase in spending. The overall increase is less than last year's 8.5% jump as shoppers appear to be tightening their belts due to high interest rates and fears of an upcoming economic recession. The Commerce Department said earlier this month that retail sales had fallen in November.
According to estimates from Appriss Retail and the National Retail Federation, Americans will return 18% of their holiday purchases. According to goTRG, some 60% of retailers are toughening up their return policies this year in order to fight off rising costs.
Retailers really don't want your holiday returns this year.
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