Report: 2022 U.S. Holiday Sales Increase Despite Inflation
Americans spent more money over the 2022 holiday season than they did the year before despite higher rates of inflation, a new Mastercard SpendingPulse report shows. The report, published Dec. 26, measured U.S. retail sales — excluding automotive sales — between Nov. 1 and Dec. 24, 2022. It found sales increased 7.6 percent over the same period in 2021. The report measured in-store and online retail sales across all forms of payment, and wasn't adjusted for inflation.
“This holiday retail season looked different than years past,” said Steve Sadove, senior advisor for Mastercard and former CEO and chairman of Saks Incorporated. “Retailers discounted heavily but consumers diversified their holiday spending to accommodate rising prices and an appetite for experiences and festive gatherings post-pandemic.”
The report found that Black Friday saw the highest spending of the studied period, with a 12 percent increase that day over the same time in 2021. Online sales also grew 10.6 percent compared to the same roughly two-month period the year before.
Total Retail's Take: The inflation rate in the U.S. slowed toward the end of 2022, which could explain the higher holiday spending over 2021. Also, with prices generally higher in 2022 than the year prior, it figures that overall sales numbers would increase as well, especially as consumers returned to more in-person gift-giving gatherings this holiday season.
“Inflation altered the way U.S. consumers approached their holiday shopping — from hunting for the best deals to making trade-offs that stretched gift-giving budgets,” said Michelle Meyer, North America chief economist at Mastercard Economics Institute. “Consumers and retailers navigated the season well, displaying resilience amid increasing economic pressures.”
As The New York Times reported, economists see inflation fading in the month ahead, especially with retailers finally starting to see some relief in the supply chain issues they've endured for more than a year.
Marie Albiges is the managing editor for Women in Retail, Total Retail, and Women Leading Travel & Hospitality. She is responsible for content development, management and production for the group. Marie is a former journalist, a travel aficionado, a French native and fitness enthusiast who lives in Philadelphia with her partner, stepdaughter and dog.
