Despite the COVID clamp-down, sales somehow continue… and it isn’t just the motorcycle market. According to MasterCard SpendingPulse, holiday retail sales, excluding automotive/powersports and gasoline, increased 3% during the expanded holiday season (October 11 through December 24). Obviously online sales continued to surge, up a whopping 49% compared to 2019. As Dr. Paul Leinberger predicted back in the June, 2019 issue, the omnichannel is here!
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According to the MasterCard SpendingPulse findings, which measures overall retail spending trends across all payment types, including cash and check, department store sales declined 10.2% overall, but online sales grew 3.3%. Although this was below 2019’s 4% gain, it was well ahead of the 2.4% growth of online sales that had been forecast for 2.4 percent. MasterCard believes this reinforces the importance of omnichannel offerings. “Buy online, pick up in-store as well as technologies like contactless pickup were key for retailers.”
“American consumers turned the holiday season on its head redefining ‘home for the holidays’ in a uniquely 2020 way. They shopped from home for the home, leading to record e-commerce growth,” says Steve Sadove, senior advisor for MasterCard and former CEO and Chairman of Saks Incorporated. “Consumers shopped earlier than ever before. Across our expanded 75-day holiday shopping season, sales were up 3%, a testament to the holiday season and strength of retailers and consumers alike.”
Key findings from MasterCard SpendingPulse underscore the shift to online spending, with e-commerce accounting for 19.7% of overall retail sales, up from approximately 13.4% in 2019.”
