US Year-End Shopping Increases by 10.7% Compared to 2019

Spending Does Not Decrease Despite Soaring Inflation

[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] The year-end shopping season sales in the United States increased by 10.7% compared to 2019. This is the largest growth rate in 17 years. Despite the impact of the Omicron variant and supply chain disruptions, consumers did not hesitate to spend, mainly online.

According to Mastercard SpendingPulse, retail sales from November 1 to the 24th of this month (local time) increased by 8.5% compared to a year ago. This exceeded the initial forecast of a 7.4% increase. Notable increases were seen in clothing (47%), jewelry (32%), and electronics (16%).

This year’s year-end shopping season sales rose by 10.7% compared to 2019, before COVID-19. This indicates that consumption has recovered to pre-pandemic levels.

Online sales soared by 11% compared to a year ago and by 61% compared to 2019.

Steven Sadove, a Mastercard advisor, explained, "As Omicron variant infections surge, local shoppers are turning to online purchases, leading to strong e-commerce sales." He noted that consumers are spending more actively than ever before.

The sharp rise in inflation was also analyzed as a factor driving increased shopping amounts. Although the consumer price index rose by 6.8% through November, consumers willingly opened their wallets.

Advisor Sadove assessed, "Because consumers have substantial savings, price increases are not leading to a decrease in demand."

This content was produced with the assistance of AI translation services.