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Monday, December 27, 2021
As yours truly and Julie Hyman bantered about on Yahoo Finance Live last week, the sharp drop in the U.S. savings rate during the holidays was a tell-all on how the crucial shopping season likely panned out.
Being right always makes one feel warm and fuzzy inside, which is where I am emotionally after digesting an impressive batch of holiday retail sales data.
Holiday retail sales excluding autos rose a solid 8.5% year-over-year, according to Mastercard SpendingPulse. Online sales rose 11% from a year ago, on tough peak pandemic comparisons no less. “Consumers splurged throughout the season, with apparel and department stores experiencing strong growth as shoppers sought to put their best dressed foot forward," said Steve Sadove, senior advisor for Mastercard and former CEO of Saks.