U.S. holiday shoppers in 2025 leaned into value, convenience, and experiences, driving a solid uplift in retail sales that favored e-commerce, apparel, and dining, while reinforcing an omnichannel norm. The latest Mastercard SpendingPulse™ readout paints a picture of a consumer who is cautious yet confident, selectively trading up on fashion, jewelry, and meals out when the price and timing feel right.
According to preliminary Mastercard SpendingPulse™ data, U.S. retail sales excluding automotive rose by 3.9% year over year from November 1 through December 21 2025. The metric captures in-store and online sales across all payment types and is not adjusted for inflation, giving a nominal view of how much consumers actually spent at retail and food service merchants.
U.S. holiday momentum was strong enough that the Mastercard U.S. Santa Tracker flagged growth with several shopping days still to go, suggesting that last-minute activity could add further upside…
to the season’s final tally. Importantly, “retail” in this dataset includes retailers and food services but excludes most other services, such as airlines and lodging, so the 3.9% reflects core consumer-facing commerce rather than travel.
Savvy value hunting across channels The defining shopper behavior of 2025 was the rise of the “savvy” consumer who plans ahead, cross-checks prices, and fluidly switches between channels.
Michelle Meyer, chief economist at the Mastercard Economics Institute, said, “Consumers demonstrated flexibility and confidence this season, shopping early, leveraging promotions, and investing in meaningful experiences and wish-list items.” E-commerce captured a notable share of that smart spending, with online sales surging by 7.4% compared to the prior year.
Brick-and-mortar remained highly relevant, as in-store sales still grew by 2.9%, revealing a blended path where shoppers browse online for inspiration and price checks before sealing the deal in person…
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