US holiday retail sales rose 4.8% year on year amid improved consumer confidence, according to a report by Visa.
The clothing and accessories segment, which includes jewelry, was one of the top categories this year, up 5% from 2023, Visa said Monday. That compares with a 2.4% improvement during the same period a year ago. Some 77% of total spend over the holiday season took place in brick-and-mortar locations, growing at a rate of 4.1%, versus 1.6% in 2023. Meanwhile, 23% of payment volume was online, an increase of 7% compared to 10% the year before.
Visa successfully blocked close to double the number of suspected fraud cases during the Black Friday and Cyber Monday weekend in 2024 than it did in 2023, it noted.
“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,” said Visa chief economist Wayne Best. “This spending growth demonstrates the adaptability of both consumers and retailers and the overall strength of the economy.”
Visa monitored retail sales during a seven-week period starting November 1, 2024.
Image: People shopping for gifts at a mall. (Shutterstock)
