While pundits speculated that supply chain shortages would have a detrimental impact on holiday spending, initial data show that retail spending increased 8.5% over the previous Christmas season, the highest increase in 17 years, Politico reports.
Mastercard Spending Pulse, an analytical service from the popular credit card company that compiles information on credit and debit card usage, shows spending increased more than expected: MSP estimated just a 7.4% increase.
The increase was not just due to a post-pandemic boom; it also shows a 10.7% increase from pre-pandemic 2019 holiday shopping. The products showing the biggest increases: clothing rose 47%, jewelry 32%, electronics 16%. Both online sales and brick-n-mortar sales showed significant increases: online stores had an 11% increase from last year and a 61% increase from 2019, while department stores showed a 21% increase over last year.