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Mastercard Spendingpulse, which measures in-store and online retail sales, announced retail sales on Black Friday 2023 were up 2.5% from last year.
“Consumers are navigating the holiday season well and taking advantage of holiday promotions, giving them ample choice as they hunt for gifts for everyone on their list,” says Steve Sadove, senior advisor for Mastercard and former CEO and chairman of Saks Inc. “Consumers are also shopping smarter, using all of their tools—from searching across channels to cross-checking on apps and websites—to maximize value while they spend time with friends and family.”
According to Mastercard’s data, online shopping sales on Black Friday 2023 increased by 8.5% from last year, with in-store retail sales up 1.1%.
The National Retail Federation predicts that holiday spending will once again break records in 2023, with sales increasing 3% to 4% over 2022 to between $957.3 billion and $966.6 billion in total spending.
