Holiday retail sales in the United States surged by 4.8% year-on-year, reflecting renewed consumer confidence and a robust economy, according to a report from Visa. The clothing and accessories segment, including jewelry, emerged as a top-performing category, registering a 5% increase compared to 2023, up from a 2.4% improvement the previous year.
Brick-and-Mortar and Online Spending Trends
Key insights from the report include:
- In-Store Shopping:
- 77% of holiday spending occurred in physical stores, growing 4.1% year-over-year, a notable improvement from the 1.6% growth in 2023.
- Online Shopping:
- 23% of payment volume was attributed to e-commerce, marking a 7% increase, compared to 10% growth the prior year.
Fraud Prevention Milestones
Visa reported significant advancements in fraud prevention during the shopping season:
- The company successfully blocked nearly twice the number of suspected fraud cases over the Black Friday and Cyber Monday weekend compared to 2023.
Consumer Confidence Powers Holiday Shopping
Visa’s chief economist, Wayne Best, attributed the spending growth to consumers’ adaptability and the economy’s resilience:
“This holiday shopping season, we’re seeing increasing consumer confidence as people sought out in-store experiences — and went online — to purchase gifts and celebrate the holidays with friends and family.”
Monitoring the Pulse of Holiday Spending
Visa analyzed retail sales over a seven-week period starting November 1, 2024, underscoring the strength of both traditional and digital retail channels during the festive season.
This year’s holiday shopping trends reveal a dynamic retail landscape where in-store and online experiences seamlessly drive economic growth and consumer satisfaction.