Visa said it has seen a 4.8% year-on-year increase in holiday retail spending across the United States, citing its inaugural Retail Spend Monitor from Visa Consulting & Analytics (VCA).
Visa Says US Holiday Retail Spend Rose 4.8% YoY
In a press release this week, the payments giant explained the data reflects total spending from all payment methods, including cash and cheque, over a seven-week period starting on 1 November 2024.
The findings highlight a potential resurgence in consumer confidence and adaptability among retailers.
Wayne Best, Visa’s chief economist, noted: “This spending growth demonstrates the adaptability of both consumers and retailers and the overall strength of the economy.”
In-store shopping was said to be particularly resilient, accounting for 77% of the total payment volume. Total retail spend in stores reportedly grew at a rate of 4.1% compared to 1.6% last year.
Online retail also saw robust activity, with sales increasing 7.1%, though it was at a slower pace than last year’s 10.3%.
Furthermore, Visa said specific categories experienced notable growth, including a 5.0% rise in clothing and accessories sales, a 4.2% increase in electronics, and a 4.7% rebound in building materials, reversing last year’s decline.
Globally, other markets mirrored this positive trend, with Brazil leading at 12.2% growth, followed by South Africa at 7.0%, and Australia at 7.4%. The UK recorded a 2.3% increase.
The Retail Spend Monitor draws on Visa’s network data, comprising 234 billion transactions annually, to provide insights into consumer spending patterns.
