Americans were a giving mood this holiday season. Retail sales increased 3.1% between November 1 and December 24, according to preliminary results from Mastercard SpendingPulse.

What You Need To Know

  • U.S. retail sales increased 3.1% between November 1 and December 24, according to Mastercard SpendingPulse

  • Apparel was one of the strongest categories, increasing 2.4% compared with 2022

  • Restaurant sales increased 7.8%

  • Electronics and jewelry both saw sales declines

“This holiday season, the consumer showed up, spending in a deliberate manner,” Mastercard Economics Institute chief economist Michelle Meyer said in a statement. “The economic backdrop remains favorable with healthy job creation and easing inflation pressures, empowering consumers to seek the goods and experiences they value most.”

Apparel was one of the top sales categories, increasing 2.4% compared with last year. Shoppers also celebrated with food. Restaurant sales increased 7.8%, and grocery sales increased 2.1%.

Mastercard’s measure of in-store and online retail sales found more shoppers were willing to let their fingers do the shopping this year. Online sales were up 6.3% compared with a year earlier, while in-store sales were up 2.2%.

Senior Mastercard advisor Steve Sadove attributed the gains to retailers beginning promotions early this year.

The Mastercard report does not include automotive sales. It is based on national retail sales in select markets in the company’s payments network paired with survey estimates on payments with cash and checks.

The two categories that saw declines were electronics (-0.4%) and jewelry (-2%).