In-store retail sales in the United States increased by the most since December, thanks to aggressive discounts. However, the year-over-year sales increase for the week covering the traditional Black Friday shopping season kick-off was the smallest in six years.
According to Reuters, the Johnson Redbook Index, which includes nearly 9,000 general merchandise businesses in the United States, increased by 6.3% year on year in the week ended Nov. 25, up from 3.4% the previous week, stated Redbook Research on Tuesday.
According to the research, merchants’ sales volumes surged throughout the Black Friday weekend as cost-conscious buyers sought higher discounts on costlier products.
Buyers are enjoying the cheapest holiday shopping season in years, with prices for toys, games, and hobby gear falling for the first time since 2020. According to the Bureau of Labor Statistics, sporting goods costs declined this holiday season for the first time since 2018.
Data published by Mastercard revealed that more buyers chose to take advantage of greater and earlier online discounts, with e-commerce sales on Nov. 24 increasing by 8.5% year on year, compared to a 1.1% increase in in-store sales.
Ariel Ben Solomon is the Growth and Strategy manager at Ecomhunt. He is the host of the Ecomhunt Podcast. Can be followed on Twitter at @ArielBenSolomon
