The trend: Consumer spending looks strong this holiday season, despite a challenging economic climate.
The data: Mastercard SpendingPulse reports that US retail sales on Black Friday rose 12% year-over-year (YoY) excluding automotive, with in-store sales increasing 12% YoY and retail ecommerce sales growing 14% YoY.
Reaching a plateau: Insider Intelligence expects consumer spending to remain strong this holiday season with 7.0% growth bringing the total to $1.297 trillion. While that would mark the third-straight year that gains reached at least into upper-single digits, much of this year’s increase will stem from inflation.
Looking ahead: Despite high inflation and consumer sentiment sitting near all-time lows, many consumers remain fairly well off thanks to low unemployment, solid job growth, and rising wages.
Go further: Read our full US Holiday Shopping 2022 report.
This article originally appeared in Insider Intelligence's Retail & Ecommerce Briefing—a daily recap of top stories reshaping the retail industry. Subscribe to have more hard-hitting takeaways delivered to your inbox daily.