U.S. holiday online retail sales grow faster than brick-and-mortar stores
According to MasterCard's SpendingPulse consumer research report. During the 2023 holiday season (Nov. 1-Dec. 24), the overall U.S. retail sales grew 3.1% year-over-year. Of that total, online retail sales increased 6.3 percent while in-store sales increased 2.2 percent.
The report states. while online spending is growing faster than in-store spending. "and therefore represents an increasing share of retail spending". However, in-store purchases still account for a significant portion of total retail spending still accounts for a sizable portion of total retail spending.
MasterCard's data shows that apparel is one of the top categories for holiday shoppers, with a up 2.4 percent year-over-year. Grocery sales were up 2.1 percent. Restaurants were up a robust 7.8 percent.
Electronics and jewelry were the the only categories that declined year-over-year, with down 0.4 percent and 2.0 percent, respectively."This holiday season, the consumers showed a deliberate spending pattern," said MasterCard Institute for Economic Research chief economist Michelle Meyer, said."The economic backdrop remains favorable, with healthy job creation that easing inflationary pressures. Enabling consumers to seek the goods and experiences they value most."
Christmas Day 2023 falls on a Monday. This provides retailers with help that give consumers an entire weekend to do their last-minute holiday shopping. According to the National Retail Federation nearly 142 million consumers said they plan to shop on December 23rd also known as Super Saturday.
In addition, retailers as early as October 2023 have started their holiday promotions and deals. Some of Walmart's holiday offerings went on sale on Saturday, October 1st. Target kicked off its Black Friday promotions in late October. Black Friday sales in late October.
Retailers are running promotions early in the season to giving consumers more time to find the the best deals and promotions," said MasterCard's senior advisor, the former CEO and chairman of Saks, Inc. Steve Sadove, said.
"At the end of the day it's about getting the most bang for your buck. Because consumers are willing to to spend more on a variety of goods and services that regaining the positive spending momentum that existed before the new crown epidemic."
In addition, according to NBC's CNBC economic survey, the holiday online retail sales in 2023 exceeded its highest point in 2020 at the time of the New Crown epidemic. Online retail sales at the time of the New Crown epidemic reached its high and experienced a two-year decline before made a comeback in the 2023 holiday season. The survey found that 57 percent of Americans ranked online shopping as their preferred or second-preferred channel for buying Christmas gifts.
In 2006, the share of willingness to shop online was only 18%. but hit an all-time high in 2020. which was at the height of the pandemic. Some 55% of respondents chose online shopping as their preferred channel. In 2022, that figure shrinks to 51%, the retaining some, but not all, of the pandemic gains. But in 2023, it hit another record high.
The reason for the spike is unclear. But a look at those who are spending more online this year It's clear that consumers are more inclined to looking for bargains to fight inflation.
Among these groups that spend more online there are women aged 50 and over. They as a group reported more frugal vacation spending plans than average. and are more concerned about inflation and the overall state of the economy. Nonetheless, this group shopped online still less than younger women ages 18-49. Compared to the previous year, the Those who spend more online in 2023 will be those with incomes of less than $30,000, the and those who plan to spend as little as $200 on gifts that well below the $1,300 average.
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