SurveysDec 24, 2025
Consumer Confidence Falls Again in DecemberSurveysJan 09, 2026
U.S. Holiday Retail Sales Up 4%, Visa, Mastercard Say
The credit card companies’ surveys examined where consumers shopped, what they bought, and what they valued this holiday season.
U.S. retail sales were on the rise this holiday season, as per surveys by Visa and Mastercard.
New York—U.S. holiday retail sales rose around 4 percent this season, according to surveys by Visa and Mastercard.
The results are in line with the National Retail Federation’s forecast that retail sales would grow between 3.7 and 4.2 percent, totaling $1.01 trillion to $1.02 trillion, from Nov. 1 to Dec. 31.
The NRF has not yet released data on holiday sales.
In Visa’s annual Retail Spend Monitor, the company said based on preliminary data, overall holiday retail spending was up 4.2 percent year-over-year across all payment types, including cash and check.
“Whether shoppers were upgrading their tech, refreshing their closets, or stocking up at one stop shops, retailers delivered seamless shopping experiences both in stores and online,” said Wayne Best, chief economist at Visa.
“This season also marked a turning point, with artificial intelligence shaping how people discover products, compare prices, and interact with offers. This led to a more informed, more intentional consumer, ensuring they could stretch their discretionary spending.”
In-store shopping remained strong, said Visa, noting 73 percent of payment volume was in physical stores, with 27 percent happening online.
Still, e-commerce expanded this season, with online retail spending up around 8 percent, driven in part by convenience as well as the early promotions.
Electronics sales were popular, with sales up 6 percent, as consumers seek out “high-performance devices in the AI era,” said Visa.
Clothing and accessories sales were up 5 percent, while shoppers looking for convenience boosted general merchandise store sales by 4 percent.
Holiday home décor sales were steady, with furniture and home furnishing sales up less than 1 percent, while home improvement sales slumped, with building materials and garden equipment sales down 1 percent.
Holiday spending was up globally as well, with sales in South Africa up 8 percent, followed by Australia (5 percent), Canada (4 percent), and the U.K. (4 percent).
The VCA Retail Spend Monitor analyzes retail sales activity over the seven-week period beginning Nov. 1.
Related stories will be right here …
The results are in line with the National Retail Federation’s forecast that retail sales would grow between 3.7 and 4.2 percent, totaling $1.01 trillion to $1.02 trillion, from Nov. 1 to Dec. 31.
The NRF has not yet released data on holiday sales.
In Visa’s annual Retail Spend Monitor, the company said based on preliminary data, overall holiday retail spending was up 4.2 percent year-over-year across all payment types, including cash and check.
“Whether shoppers were upgrading their tech, refreshing their closets, or stocking up at one stop shops, retailers delivered seamless shopping experiences both in stores and online,” said Wayne Best, chief economist at Visa.
“This season also marked a turning point, with artificial intelligence shaping how people discover products, compare prices, and interact with offers. This led to a more informed, more intentional consumer, ensuring they could stretch their discretionary spending.”
In-store shopping remained strong, said Visa, noting 73 percent of payment volume was in physical stores, with 27 percent happening online.
Still, e-commerce expanded this season, with online retail spending up around 8 percent, driven in part by convenience as well as the early promotions.
Electronics sales were popular, with sales up 6 percent, as consumers seek out “high-performance devices in the AI era,” said Visa.
Clothing and accessories sales were up 5 percent, while shoppers looking for convenience boosted general merchandise store sales by 4 percent.
Holiday home décor sales were steady, with furniture and home furnishing sales up less than 1 percent, while home improvement sales slumped, with building materials and garden equipment sales down 1 percent.
Holiday spending was up globally as well, with sales in South Africa up 8 percent, followed by Australia (5 percent), Canada (4 percent), and the U.K. (4 percent).
The VCA Retail Spend Monitor analyzes retail sales activity over the seven-week period beginning Nov. 1.
Mastercard’s SpendingPulse survey also noted a rise in seasonal shopping, with U.S. retail sales, excluding automotive, up 3.9 percent year-over-year.
Its survey measures in-store and online retail sales from Nov. 1 through Dec. 21, representing all payment types.
Neither the Visa nor the Mastercard survey adjust for inflation, meaning the reported increase in sales is likely due, at least in part, to higher prices.
“Consumers demonstrated flexibility and confidence this season, shopping early, leveraging promotions, and investing in meaningful experiences and wish-list items. They also blended online and in-store shopping to find the best deals and maximize convenience,” said Michelle Meyer, chief economist, Mastercard Economics Institute.
Mastercard noted three key trends from its holiday survey.
Shoppers were looking for value this season, and so they shopped online and in stores in search of the best deals.
E-commerce sales were up 7 percent while in-store sales were up 3 percent, which Mastercard said highlighted the blended shopping experience.
Mastercard also noted an uptick in spending on apparel, up 8 percent this season.
“Chilly temperatures and seasonal deals likely encouraged wardrobe refreshes and gift giving,” it said.
Jewelry sales were up about 2 percent this holiday season, said Mastercard, as shoppers “strategically purchased sparkly gifts.”
The last trend was dining out over the holiday season.
Restaurant spending was up 5 percent year-over-year, with consumers seeking out experiences and shared moments over the holidays.
“From celebratory dinners to casual outings, dining out has become an integral part of holiday traditions, signaling that consumers value connection along with tangible gifts,” said Mastercard.
Editors' Picks
Sponsored by
More on Surveys
The Latest
IndependentsSep 29, 2026
Christy Bromberg, Longtime Gift Buyer for Underwood Jewelers, Dies at 68She is remembered for her joie de vivre, upbeat personality, genuine interest in other people, and love of the Alabama Crimson Tide.
AuctionsSep 29, 2026
Dionne Warwick’s Jewelry Goes Up for AuctionOnline bidding is open now for Julien’s sale of items owned by the “Walk On By” singer, whose final album comes out this fall.
Events & AwardsSep 29, 2026
Matt Stuller to Receive 2027 Gem Award for Lifetime AchievementThe founder and executive chairman of Stuller Inc. is being honored for his impact on the jewelry industry at the 25th annual Gem Awards.
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionExperience gemstones with greater precision and comfort than ever before.
ColumnistsSep 29, 2026
Your Holiday Marketing Has a Bridal Blind SpotDecember is the most popular month to propose, and jewelers need to keep that in mind when planning their holiday marketing.
Weekly QuizSep 25, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsSep 29, 2026
If You Love Cats, This Jewelry Auction Is for YouCat ladies of the jewelry world, unite. Sandy Lerner’s collection of cat jewelry and other objects is going up for auction Wednesday.
CollectionsSep 28, 2026
De Beers London Drops Water-Inspired High Jewelry Collection“Vibrations” features several firsts for De Beers’ high jewelry, including the use of chalcedony and diamonds sourced from artisanal miners.
Brought to you by
Your Piece Could Be the One Editors Talk AboutSubmit your pieces for a chance to win in this year's competition.
CollectionsSep 28, 2026
Jessica McCormack Turns to Classic Motif for New CollectionThe “Bows” collection features three interpretations of the bow motif designed with Georgian and Victorian influences.
Events & AwardsSep 28, 2026
Guy Borenstein, Troy Underwood Among the Professionals Honored at AGS Conclave 2026The American Gem Society recognized industry members, one Guild, and a law enforcement official for their contributions to jewelry.
FinancialsSep 28, 2026
Instappraise, Jewelers Mutual Look to Simplify Jewelry InsuranceThrough a new system integration, customers can now receive instant personal jewelry insurance quotes at the time of appraisal.
WatchesSep 25, 2026
Smaller Rolex Watches Showing Strength on Secondary Market, Data ShowsFive of the 10 fastest-appreciating Rolex models on Bob’s Watches were Datejust 31 or Lady Datejust watches.
MajorsSep 25, 2026
Sherwood Family Buys Back Daniel’s Jewelers from Private EquityThe Sherwood family and AJS Creations CEO Tejas Shah purchased the jewelry chain back from Palladium Equity Partners.
Lab-GrownSep 25, 2026
Brilliant Earth Collabs with Elizabeth Taylor Estate on Jewelry Collection“The Elizabeth Taylor Collection” uses lab-grown diamonds and gemstones in contemporary designs inspired by the icon.
TrendsSep 25, 2026
A Peek at Taylor Swift’s Game-Day DiamondsThe artist wore Dana Rebecca Designs’ marquise diamond-set gold hoops at the Chiefs game last Sunday. Now they’re our Piece of the Week.
CrimeSep 24, 2026
From Conclave: Security Measures Jewelers Should Be TakingJSA and Jewelers Mutual shared advice on spotting suspicious behavior, combatting cell phone jammers, and staying safe at home.
AuctionsSep 24, 2026
8-Carat Blue Diamond Heads to UK Jewelry AuctionThe fancy light blue diamond is estimated to fetch up to $2.6 million at Elmwood’s next week.
TrendsSep 24, 2026
This New Jewelry Book Decodes the Secret Meaning in Victorian Jewelry“Secret Language of Victorian Jewelry” unveils the meaning behind the symbols, motifs, and gemstones used in Victorian-era jewelry.
Lab-GrownSep 24, 2026
Kira Jewels Opens B2B E-Commerce Portal for Lab-Grown Diamond Jewelry KIRAJewels.one gives retailers access to more than 500 SKUs of lab-grown diamond rings, earrings, necklaces, and bracelets.
TrendsSep 23, 2026
Holiday Diamond Jewelry Trends: Layered Looks, PersonalizationThis holiday season, look to pieces that will help to fill out customers’ everyday diamond jewelry wardrobe, experts say.
SourcingSep 23, 2026
Organization That Promotes Natural Diamond Rebrands for Third Time The Natural Diamond Council is now The Diamond Collective and has announced a new strategy under CEO Amber Pepper.
IndependentsSep 23, 2026
This Milwaukee-Area Jeweler Is Serving the 7CsPaul’s Jewelers sells coffee, chocolate, and cookies from a custom gold-wrapped trailer parked outside the store starting at 7 a.m.
MajorsSep 23, 2026
Kay Jewelers’ New Campaign Goes ‘All In’ on LovePart of its brand relaunch, the marketing around the campaign includes a contest involving a jacket set with 550 diamonds.
Events & AwardsSep 23, 2026
Tiffany & Co. Exhibition Opening at Arkansas Museum The curation, opening soon at the Crystal Bridges Museum of American Art, honors the jeweler’s heritage through a distinctly American lens.
CollectionsSep 23, 2026
Pucker Up for Pandora’s New Pat McGrath Jewelry CollabThe jewelry giant has partnered with the famed makeup artist to create a colorful new collection of charms and rings.
IndependentsSep 23, 2026
Texas Jewelers Association to Celebrate 120th AnniversaryThe association will mark the milestone at its convention next month.
