U.S. retail sales rose 3.0% during this year’s extended holiday shopping season from October 11 to December 24, a report by MasterCard Inc. said on Saturday, an epidemic-driven shift toward online shopping.
According to the report by MasterCard SpendingPulse, US ecommerce sales increased by 49% during this year’s holiday shopping season, underscoring the role of the COVID-19 epidemic in changing customers’ shopping habits.
The holiday shopping season may account for the majority of annual sales of some retailers, but the health crisis has meant a number of retailers, including Walmart Inc. and Target Corp., who are experiencing capacity shortages in some stores, Started promoting their holiday early.
Next answer for retailers: a large portion of gift returns
According to MasterCard data, Holiday e-commerce sales accounted for 19.7% of total retail sales this year.
The National Retail Federation has estimated that during the Thanksgiving Holiday Weekend, the number of shoppers online only increased by 44%, with many shops thinly crowded.
According to the report, home spending has increased demand for home decor and home-improvement products due to policies to work outside the home and stay away from home.
Click Here To Get Fox Trade On The Go
Electronics and appliances have also increased by 6% during this period, the report noted, adding that spending on eating out, traveling and resting encouraged shoppers to do other shopping.
The SpendingPulse report detects spending by adding sales activity to MasterCard’s payment network, which estimates cash and other payment forms, but excludes automobile sales.