Increased prices apparently didn't stop people from shopping during the holiday season after a new report showed that retail sales in the U.S. were up nearly 8%.
According to a report released by Mastercard on Monday, looking at shopping sales done between Nov. 1 through Dec. 24, holiday sales jumped 7.6%.
Mastercard said the data collected was not adjusted for inflation, nor did it include automotive sales.
“This holiday retail season looked different than years past,” said Steve Sadove, senior advisor for Mastercard and former CEO and Chairman of Saks Incorporated, in a news release. “Retailers discounted heavily, but consumers diversified their holiday spending to accommodate rising prices and an appetite for experiences and festive gatherings post-pandemic.”
According to the data collected, sales of clothing rose 4.4%, while jewelry and electronics decreased nearly 5% and online sales rose 10.6%.
Black Friday held supreme as the top shopping day as sales grew more than 12% from last year, according to Mastercard.
Restaurants also saw an increase, with in-person dining rising over 15%.