Last Minute Deals Drive E-Commerce Spending
- US retail sales increased by 3.8% during the holiday season
- E-commerce, curbside pickup, and delivery were top options for consumers
- Mastercard’s data shows a consumer driven by value and willing to spend
- Apparel, jewelry, and electronics saw increases in spending
- Double-digit e-commerce growth in some cities like Tampa and Phoenix
Experts predicted record digital sales for the holiday season, and Mastercard’s data confirms that retail didn’t disappoint. Consumers embraced e-commerce, curbside pickup, and delivery as top options during the shopping season. Michelle Meyer, Chief Economist at the Mastercard Economics Institute, said in a statement, ‘The holiday shopping season revealed a consumer who is willing and able to spend but driven by a search for value, as seen by concentrated e-commerce spending during the biggest promotional periods.’ The strong spending during this period underscores the strength observed from consumers all year, supported by a healthy labor market and household wealth gains. Apparel saw a 3.6% increase, jewelry had a 4% rise, and electronics experienced a 3.7% growth. Cities like Tampa (10.6%) and Phoenix (10%) showed double-digit e-commerce growth, while Minneapolis (8.9%), Dallas (8.4%), Charlotte (7.9%), and Houston (7.6%) also experienced growth compared to last year.
Factuality Level: 10
Factuality Justification: The article provides accurate information about the increase in digital sales during the holiday season based on Mastercard’s data, mentions specific cities with double-digit e-commerce growth and categories of goods that saw an increase in spending. It also includes a quote from Michelle Meyer, Chief Economist at the Mastercard Economics Institute to support its claims.
Noise Level: 3
Noise Justification: The article provides relevant information about the increase in digital sales during the holiday season and specific examples of cities with double-digit e-commerce growth. It also includes insights from an expert on consumer behavior. However, it lacks a more in-depth analysis or exploration of long-term trends or consequences of these changes.
Financial Relevance: Yes
Financial Markets Impacted: No
Financial Rating Justification: The article discusses the increase in digital sales during the holiday season, specifically mentioning e-commerce spending and growth in various industries such as apparel, jewelry, and electronics. This has financial relevance as it impacts consumer behavior and spending patterns.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no mention of an extreme event in the text.
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