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.
More on Surveys
The Latest
TechnologyJul 10, 2026
There’s a New Blind Box for Luxury Watches Collectibles platform Arena Club’s new Time Boxes could contain a Rolex or Patek Philippe watch.
TrendsJul 10, 2026
Jade Trau Creates a Constellation of DiamondsThe “Constellation Plié” collar, our Piece of the Week, features diamonds arranged in a constellation of shining stars.
SourcingJul 10, 2026
CFO of De Beers’ Consumer-Facing Division Leaves Company Shaun Wills joined the company in 2024 and was chief financial officer of the De Beers Brands and Consumer Markets division.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
WatchesJul 10, 2026
Brilliant Earth Expands Into WatchesIn honor of its 20th anniversary, the jewelry brand has released a limited-edition collection of Swiss-made timepieces.
Weekly QuizJul 09, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsJul 09, 2026
Boucheron’s New High Jewelry Collection Is an Ode to the Human Touch“Human Being” highlights the similarities and differences between us through five sets of jewelry that celebrate fine craftsmanship.
WatchesJul 09, 2026
Damiani Group Finalizes Acquisition of Baume & MercierRichemont will continue to provide operational services for the watch brand for a period while the group prepares to integrate it.
Brought to you by
Building the Future of Jewelry Retail: DCA Expands Education, Leadership Development, and Workforce SolutionsDCA is preparing the next generation of professionals by supporting workforce development, leadership growth, and career advancement.
AuctionsJul 09, 2026
Pharrell Williams’ Joopiter Hires Former Bonhams Exec to Head New Watch DivisionNate Borgelt will lead the digital auction house and content platform’s new division as head of watches.
Events & AwardsJul 09, 2026
Halstead Names 2026 Grant WinnerEnoch Platero, founder and designer behind Enoch Michael, is the first Native American jeweler to win the award.
Events & AwardsJul 09, 2026
AGS, GIA Name 2026 Beatrice Shipley Scholarship WinnerAGS also announced the recipient of its “Women in Leadership” scholarship.
MajorsJul 08, 2026
Kendra Scott Joins ‘Shark Tank’ As Permanent Investor The founder of the billion-dollar jewelry and lifestyle brand will debut as a full-time “Shark” on the upcoming season of the show.
CrimeJul 08, 2026
Here’s What Thieves Stole From the Lalique Museum René Lalique’s “Woman Dragonfly With Open Wings” pendant, the first piece the museum acquired, was one of the jewels taken.
MajorsJul 08, 2026
Richline Group Promotes 2 ExecsArien Gessner and Moss Makhoulian have been elevated into newly created roles.
ColumnistsJul 07, 2026
Peter Smith: Diamond Branding and the Origin ParadoxA podcast prompted Smith to share his views on where origin fits into the natural diamond story and the viability of branded diamonds.
Events & AwardsJul 07, 2026
JA Announces 2026 Impact Initiative RecipientsThe association selected eight recipients for the funding program, which is in its second year.
TrendsJul 07, 2026
Amanda’s Style File: Ruby, White and Blue Whether celebrating America’s 250th birthday or the USA’s World Cup run, July birthstone jewelry can double as a patriotic accessory.
CrimeJul 07, 2026
Thieves Steal Millions in Jewels From France’s Musée LaliqueAround 20 pieces of jewelry were stolen from the museum dedicated to French jeweler and glassmaker René Lalique.
CollectionsJul 07, 2026
Robinson Pelham Is Partying Like It’s 1996The “Summer of ’96” campaign and collection celebrate the year the brand was founded for its 30th anniversary.
SourcingJul 06, 2026
Gemfields CEO Sean Gilbertson Steps DownAfter eight years, Gilbertson is leaving his post at the mining company, which is currently facing a slew of operational challenges.
IndependentsJul 06, 2026
Bachendorf’s To Open Fifth Store In DallasThe new location is set to open this winter, featuring the retailer’s first rotating jewelry designer residency.
MajorsJul 06, 2026
Graff Names BTS Star Jung Kook as New AmbassadorThe pop artist appears in the latest campaign for the “Laurence Graff Signature” collection.
CollectionsJul 06, 2026
Pandora’s New Baroque Pearl Collection Is a Whimsical ‘Wonder’One-of-a-kind pearls take the shape of ice cream cones, frogs, submarines, and other imaginative charms.
SourcingJul 02, 2026
London Diamond Bourse Elects First Female PresidentCharlotte Rose said her election is “a sign that this is an industry capable of change.”
Supplier BulletinJul 02, 2026
Elevating Retail Showcases with Today's Necklace & Bracelet TrendsSponsored by Rio Grande Jewelry Supply
TrendsJul 02, 2026
Oscar Heyman’s Flag Brooch Celebrates AmericaThe American jewelry house, founded by Latvian immigrants, has been creating American flag brooches since 1917.
IndependentsJul 02, 2026
D. Geller & Son Partners with KSU Art Students on Store MuralThe artwork celebrates the Atlanta jeweler’s legacy and symbolizes its commitment to supporting local artists and its community.
