But, perhaps the most significant finding from Mastercard's data is that online shopping saw a 19.1% (YoY) increase in spending.
Breaking down the overall spend, home improvement saw the highest spending increase (9% YoY), while apparel retailers saw nearly 8% YoY growth, their highest growth rates since the 2010 holiday shopping season.
"From shopping aisles to online carts, consumer confidence translated into holiday cheer for retail," said Steve Sadove, senior advisor for Mastercard and former CEO and Chairman of Saks Incorporated. "By combining the right inventory with the right mix of online versus in-store, many retailers were able to give consumers what they wanted via the right shopping channels."
More data from the Mastercard Spending Pulse can be found here.
Meanwhile, the holiday season may be officially over, but consumers are still hitting both digital and physical stores. According to the National Retail Federation, about 68% of shoppers continue to shop, many spending those gift cards found under the tree on Christmas morning (27%). And, of those who are in the midst of returning gifts, most (77%) say they are likely to buy during the returns process.
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