This year, the holidays are expected to shape up to be yet another positive retail season – with omnichannel offerings and heavy promotions being key drivers. U.S. retail sales (excluding automotive) are expected to increase 7.1% year-over-year, according to the Mastercard SpendingPulse™ annual holiday forecast. Mastercard SpendingPulse measures in-store and online retail sales across all forms of payment and is not adjusted for inflation.
So, what does this all mean for the fast-approaching holiday season? The “Mastercard SpendingPulse: Holiday Season Retail Insights 2022” report uncovers a number of trends:
With holiday shopping slated to begin early again this year, some of the season’s retail growth is expected to be pulled forward in October as consumers hunt for early deals.
With inflation impacting consumer wallets, bargain hunting is expected to be in full force this holiday season.
From the return of holiday door busters to new brick-and-mortar collaborations, retailers are expected to drive consumers back into stores.
Consumers may be adding revamped wardrobes to their wish lists as social events and platforms have many dressing to impress.
“This holiday season, consumers may find themselves looking for ways to navigate the inflationary environment – from searching for deals to making trade-offs that allow for extra room in their gift-giving budgets.”
- Michelle Meyer, U.S. Chief Economist, Mastercard Economics Institute.
To learn more about consumer spending trends this holiday season and beyond, download “Mastercard SpendingPulse: Holiday Season Retail Insights 2022.”