US retail sales rose 3.1% during the holiday season.

© Reuters. People look for discounts at a local store in New York, U.S., December 25, 2023. REUTERS/Eduardo Munoz

(Reuters) – U.S. retail sales rose 3.1% between Nov. 1 and Dec. 24, rounding out most retailers’ holiday sales as shoppers looked for last-minute Christmas deals amid big sales, a report from Mastercard (NYSE: ) showed on Tuesday.

The increase is lower than the 3.7% growth forecast by Mastercard in September and down from last year’s 7.6% as higher interest rates and inflation pressured consumer spending.

In the United States, (NASDAQ: ) and Walmart (NYSE: ) ramped up promotions during November to lure bargain-hunting shoppers, but analysts said the discounts were not as deep as in the previous year, when retailers were overwhelmed. with excess stock.

Some of these discounts have been lifted since December when customers expected to buy last-minute gifts and homewares on the Saturday before Christmas – dubbed ‘Super Saturday’.

E-commerce sales grew at a slower pace of 6.3% from last year’s 10.6% as the popularity of online shopping declined from pandemic peaks, the report showed.

According to the Mastercard SpendingPulse report, apparel and restaurant sales rose 2.4% and 7.8% during the holiday shopping period, while electronics sales fell 0.4%.

Mastercard SpendingPulse measures in-store and online retail sales across all payment methods. Does not include car sales.