Dec. 23 (UPI) -- U.S. consumers showed steady confidence this holiday season, with retail spending up 4.2% from last year, according to preliminary data via Visa released Tuesday.
Despite ongoing economic challenges, shoppers continued to buy especially tech and personal items. The analysis -- based on Visa payments data from Nov. 1 over a seven‑week period -- excluded auto, gas and restaurant categories and wasn't adjusted for inflation.
Michael Brown, principal U.S. economist at Visa, said the "underlying surprise" was that U.S. consumer spending "is holding up reasonably well in light of softer consumer confidence than we had this time last year and a number of headwinds and concerns about inflation."
In-store purchases made up 73% of total spending, though online sales rose by 7.8% and were the main source of growth fueled by convenience and early holiday deals.
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