Mastercard's preliminary SpendingPulse results showed U.S. holiday retail spending rose 7.6% between November 1 and December 24, 2022. The estimate excluded vehicle sales, covered all payment methods and was not adjusted for inflation.

Online sales increased 10.6% compared with the same period in 2021. E-commerce accounted for 21.6% of retail spending, up from 20.9% a year earlier. Mastercard associated the increase with convenience and shoppers' access to promotions.

Black Friday was the highest-spending day of the season, recording 12% year-on-year growth. December Saturdays also attracted substantial shopping. Restaurant spending rose 15.1%, reflecting demand for gatherings and experiences alongside gift purchases.

Mastercard economist Michelle Meyer said inflation had led consumers to seek discounts and make trade-offs within gift budgets. Adviser Steve Sadove described a heavily promotional season. The December 26 figures measured nominal spending, so the increase should not be read as an equivalent rise in items purchased.