Holiday Spending Looks Strong So Far

Americans spent at a record pace this holiday shopping season, according to a report from MasterCard’s SpendingPulse. That’s good news for retailers that need to finish strong after a difficult year. Sales jumped nearly 5% between November 1 and Christmas Eve compared to the same time period last year, according to the MasterCard report. That number tracks in-store and online purchases no matter the payment method, and it excludes car sales. It’s the biggest percentage gain since 2011, when the economy was still coming back from the Great Recession. Online purchases accounted for much of the increase: They spiked 18% this year. But brick-and-mortar stores posted sales gains, too. In fact online sales still made up only 11% to 12% of overall purchases.