The mall was packed, and customers were reaching for their wallets. This Christmas, the U.S. market is echoing the pre-economic crisis era, with a noticeable surge in consumer activity. Retailers are seeing a strong rebound in spending, signaling a return to normalcy after years of economic uncertainty.
According to data from MasterCard Consulting’s “Consumer Pulse†research, American consumers have fully recovered their spending habits this holiday season. Sales of clothing, luxury items, and furniture have all seen significant growth. From October 31st to December 18th, clothing sales rose by 9.8%, jewelry by 2.6%, and furniture by 3.4% year-over-year.
Michael McNamara, vice president of “Consumer Pulse,†noted that this marks the first truly normal Christmas in three years. At the Mall of America, the largest shopping mall in the U.S., Dan Jasper reported that over 200,000 shoppers visited the Bloomington location on the 18th—making it one of the busiest days of the year.
Karen McDonald, a spokesperson for Taubman Shopping Center, said that many of the company's 26 U.S. locations have experienced increased foot traffic in recent days. Merchants are not showing signs of panic, as inventory levels remain steady and well-managed.
Robin Lewis, CEO of the Rational Consumer Retail Research Institute, identified three main factors behind the recovery: fewer installment payments, a slight decrease in the savings rate, and longer working hours. These elements have given consumers a bit more disposable income.
However, despite the positive trends, holiday spending this year still hasn’t reached pre-2007 levels. Furniture sales, for example, are about 20% lower than before the recession, while luxury and jewelry sales are down by roughly 10%. Apparel, however, has bounced back more quickly.
Consumers have learned from past financial crises. They are being more cautious, using cash instead of credit, and sticking closely to budgets. Richard Jaffe, an economic analyst, remarked, “Consumers aren’t returning blindly—they’ve become more rational and thoughtful.â€
The National Federation of Retailers reported that about half of holiday shopping is still to come, and they recently raised their forecast for holiday sales to a 3.3% increase, close to 2007 levels.
Online shopping also remained robust. On Super Saturday, which is the last big shopping day before Christmas, online retail spending jumped 18% compared to the previous year, with average order values rising to $169. From November 1st to December 17th, total online spending reached $27.46 billion—an increase of 12% over the same period last year.
ComScore noted that devices like the iPad and various laptops have driven holiday spending, as more people shop from home or on the go. With both in-store and online sales showing strong growth, this Christmas appears to be a turning point for the U.S. retail sector.
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