The news: US consumers pushed through the economic headwinds this holiday season.
- Mastercard SpendingPulse reported that retail sales—excluding automotive—rose 3.9% YoY from November 1 to December 21, while Visa Consulting and Analytics data—which excludes automotive, gasoline, and restaurants—showed a 4.2% increase over the same period. While both reports suggest sales in the final two months of the year will exceed our 3.6% growth expectation, they also represent a deceleration from last year’s 4.4% gain.