E-commerce led the way on US Black Friday
US retail sales were up by 3.4% on Black Friday compared to the same day last year, according to Mastercard SpendingPulse, driven by a significant 14.6% increase in online sales
According to preliminary findings from Mastercard SpendingPulse, US retail sales, excluding automotive, were up by 3.4% on the 29th of November, as compared to Black Friday last year. This result was driven by a 14.6% increase in online retail sales, while in-store sales were tepid at 0.7%, as compared to last year’s Black Friday.
The data also shows that clothing e-commerce was particularly strong on Black Friday, although the season started with relatively stronger in-store activity. After an unusually warm autumn, the cool and clear weather was welcomed by the sector. In addition, spending on footwear is stronger than last year at this time.
“Black Friday was a good indicator of how the holiday season is positively shaping up”, said Michelle Meyer, chief economist at Mastercard Economics Institute. However, consumers are being “more strategic in their shopping”, “prioritising promotions that they believe hold the greatest value — opening their wallets, but with more intentional distribution”, stressed Steve Sadove, senior advisor for Mastercard and former CEO and Chairman of Saks Incorporated.
Image Credits: finance.yahoo.com
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