Mastercard SpendingPulse: U.S. Thanksgiving weekend retail insights

November 29, 2022

Shoppers drove U.S. retail sales during the Thanksgiving weekend up +10.9% year-over-year excluding auto. According to Mastercard SpendingPulse™, which measures in-store and online retail sales across all forms of payment and is not adjusted for inflation, in-store sales increased +10.5% YOY while e-commerce continued to experience strong growth up +12.5% YOY for the weekend running Thursday, November 24 through Sunday, November 27. 

Restaurants (+23.3%), Apparel (+14.4%) and Electronics (+2.0%) were key drivers for the weekend’s growth.  

“Thanksgiving weekend retail sales experienced growth online and in-store as deals across channels enticed consumers to shop where and when it was convenient,” said Steve Sadove, senior advisor for Mastercard and former CEO and Chairman of Saks Incorporated. “Digital and physical stores have both been prioritized this season as new consumer preferences for omnichannel emerge.”


“Not only did consumers get their holiday shopping in this weekend but they also dined out with family and friends,” said Michelle Meyer, North America Chief Economist, Mastercard Economics Institute. “Restaurants did particularly well, reinforcing consumer demand for the experience economy.”

Additional insights on the latest retail holiday sales from Mastercard SpendingPulse are included below.

Mastercard SpendingPulse Insights for Monday, November 28, 2022

Overall retail sales on Monday remained positive though they moderated slightly from the weekend in terms of year-over-year growth. According to Mastercard SpendingPulse™, which measures in-store and online retail sales across all forms of payment and is not adjusted for inflation, total retail sales excluding auto were up +9.7% YOY while e-commerce was up +10.9% YOY and in-store retail sales were up +9.2% YOY.

Mastercard SpendingPulse Insights for Friday, November 25, 2022

According to Mastercard SpendingPulse™, which measures in-store and online retail sales across all forms of payment and is not adjusted for inflation, U.S. retail sales on Friday were up +12% year-over-year excluding automotive. Further, in-store sales increased +12% YOY while e-commerce sales experienced sustained growth up +14% YOY.

“This Black Friday, retailers offered promotions across channels leading to strong year-over-year growth online and in-store,” said Steve Sadove, senior advisor for Mastercard and former CEO and Chairman of Saks Incorporated. “Apparel, Electronics and Restaurants were strong performing sectors as consumers turned holiday shopping into a full day experience.”

“With holiday promotions kicking off long before the Thanksgiving weekend, consumers have been shopping strategically for the season’s best deals,” said Michelle Meyer, North America Chief Economist, Mastercard Economics Institute. "Retailers delivered on Black Friday with deals that enticed consumers to fill their carts despite the inflationary environment."


About Mastercard SpendingPulse

Mastercard SpendingPulse reports on national retail sales across all payment types in select markets around the world. The findings are based on aggregate sales activity in the Mastercard payments network, coupled with survey-based estimates for certain other payment forms, such as cash and check.

Mastercard SpendingPulse defines “U.S. retail sales” as sales at retailers and food services merchants of all sizes. Sales activity within the travel sector (for example, airlines and lodging) are not included.

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