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U.S. holiday retail sales rise 8.5% as online shopping booms, Mastercard says -Breaking

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© Reuters. FILEPHOTO: This picture shows a Mastercard logo being displayed on a credit-card card illustration of August 30, 2017. REUTERS/Thomas White/File Photograph

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(Reuters] – U.S. retail revenues rose 8.5% between Nov. 1, and Dec 24, according to Mastercard Inc (NYSE) on Sunday. This is due to a rush of shoppers amid concerns about supply chains as COVID-19 case surges as well as soaring ecommerce.

According to Mastercard SpendingPulse, U.S. Ecommerce Sales soared 11% during the holiday season. This highlights yet another example of COVID-19’s impact on customers’ buying habits.

The data revealed that holiday e-commerce sales accounted for 20.9% in total retail sales. This indicates that this sector is continuing to grow as more consumers appreciate the convenience of shopping online and can make purchases from their own homes.

Senior advisor at Mastercard Steve Sadove stated in a statement that shoppers were keen to get their gift before the rush. Conversations around supply chain and labor supply sent consumers to shops in large numbers.

As consumers are less likely to spend on travel, dining out and entertainment, they were more inclined to buy jewelry and electronic products. The report stated that jewelry sales rose 32% to 2020, while sales of electronic products grew 16.2%.

The SpendingPulse report tracks spending by combining sales activity in Mastercard’s payments network with estimates of cash and other payment forms but excludes automobile sales.

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