US holiday retail sales saw a 4.8% year-over-year increase, driven by stronger consumer confidence, according to Visa's latest report.
The clothing and accessories category, which also encompasses jewelry, was one of the leading sectors, experiencing a 5% growth compared to 2023.
This was a notable improvement from the 2.4% increase seen during the same period last year. Visa also highlighted that 77% of all holiday spending occurred in physical stores, growing by 4.1%, up from just 1.6% in 2023.
In contrast, 23% of total spending came from online transactions, a 7% increase, though slower than the 10% growth seen in the previous year.
Visa also reported blocking nearly twice as many suspected fraudulent transactions during the Black Friday and Cyber Monday weekend in 2024 compared to 2023.
Visa's chief economist, Wayne Best, commented, “This holiday season, we’re seeing a boost in consumer confidence, with shoppers engaging in both in-store and online experiences to buy gifts and celebrate with their loved ones. The growth in spending reflects the adaptability of both consumers and retailers, underscoring the overall health of the economy.”
The report tracked retail sales over a seven-week period beginning on November 1, 2024.
Abraham Dayan for Rough&Polished from Tel Aviv
