Strong Spending on Furniture, Jewelry
With the major US market indexes at all-time highs and the US economy having just turned in the strongest quarter of annualized growth in over a decade, many Americans are feeling that their fortunes are finally turning higher.
The increased optimism of many American households has translated into strong retail spending this holiday season, as evidenced by recent reports from both Mastercard and the National Retail Federation.
According to the MasterCard Advisors SpendingPulse report, US retail sales were up an estimated 5.5% from the day after Thanksgiving through to Christmas Eve this year. The National Retail Federation's report was almost as strong, with that group forecasting that retail sales in November and December were tracking over 4% higher compared to the similar period in 2013.
According to Mastercard, many Americans opened up their wallets and spent on "experiences" this year. "Experiences" would include taking out the family for dinner and a movie or perhaps heading away for a weekend skiing trip. Mastercard said that spending on "casual dining" was up over 10% from last year alone, while spending on lodging was up nearly the same amount.
Other areas that saw strong increases from last year included:
-high end electronics
Many Americans are feeling flush with cash this holiday season and it has directly translated to higher retail sales.
Source: Yahoo.com - Women's Apparel, Dining Driving US Holiday Sales - Mastercard
Filed under: General Knowledge