U.S. holiday retail spending excluding vehicles increased 8.5% between November 1 and December 24, 2021, according to preliminary Mastercard SpendingPulse results. The December 26 release reported gains across both stores and online channels as consumers secured seasonal gifts.

Online spending grew 11%, while physical-store sales rose 8.1% compared with 2020. E-commerce represented 20.9% of total retail spending, above 20.6% in 2020 and 14.6% before the pandemic in 2019.

SpendingPulse combines Mastercard network activity with estimates for other payment methods. The comparison below retains the original release period and definitions; it describes retail spending rather than gift-card sales, redemption or Mastercard revenue. The public release does not give the underlying transaction count, model parameters or uncertainty intervals.

The data behind the story

US holiday sales growth by channel in 2021

November 1-December 24, 2021 versus the same dates in 2020; preliminary release December 26, 2021.

% year-over-year spending growth
Source
Mastercard SpendingPulse original release

Retail spending excluding automotive. Preliminary December 26, 2021 estimates; the release does not specify an inflation adjustment. These are growth rates, not channel shares, units sold or gift-card sales.

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US holiday sales growth by channel in 2021 (% year-over-year spending growth)
Category% year-over-year spending growth
Online11.0 % year-over-year spending growth
In-store8.1 % year-over-year spending growth

Mastercard said shoppers started early amid concerns about supply chains and staffing. For its extended October 11 to December 24 measurement window, retail spending grew 8.6%. The Thanksgiving weekend produced 14.1% growth, with Black Friday again the season's largest spending day.

Jewelry was among the stronger categories, while clothing and department stores also benefited from holiday demand. SpendingPulse combined Mastercard network data with estimates for other payment methods. The publication provided preliminary retail-market figures for 2021, rather than Mastercard's own revenue performance.