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.
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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.
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