Black Friday Success: Mastercard Reports Rise in Consumer Spending

According to Mastercard's SpendingPulse survey, U.S. retail sales excluding automobiles surged by 3.4% year-on-year during Black Friday, underscoring the success of retailers' efforts to attract customers. E-commerce witnessed a remarkable 14.6% boost, although in-store sales saw a comparatively modest 0.7% increase. Jewelry, electronics, and apparel emerged as the top-performing gift sectors, with apparel marking an especially strong online sales result due to dropping temperatures across the country ahead of the holiday. "Black Friday has provided a positive forecast for the holiday season," commented Michelle Meyer, chief economist at the Mastercard Economics Institute. "Our real-time insights demonstrate that consumers are enthusiastically embracing the holiday spirit, driven by various deals and discounts across sectors that cater to their holiday shopping budgets." Comparing this year's figures to the previous year, the survey noted a 2.5% increase in Black Friday retail sales, an 8.5% rise in online sales, and a 1.1% rise in in-store sales. In another interesting trend, increasing numbers of consumers are opting for "buy now, pay later" services. Black Friday and Cyber Monday, originally distinct shopping events targeting in-person and online sales respectively, have been increasingly merged by retailers. Promotions are now offered not just on Black Friday, but throughout the weekend and even ahead of Thanksgiving. As Mastercard noted, shoppers seem to be prioritizing patience in order to maximize their budget.