Retail spending over the holiday season surged to the highest in six years as the GOP-led tax cuts and a strong U.S. economy buoyed consumer sentiment.
Between Nov. 1 and Dec. 24, retail spending grew 5.1 percent to $850 billion, according to a Mastercard SpendingPulse report released on Wednesday. Apparel sales climbed 7.9 percent, and home improvement spending grew 9 percent.
“From shopping aisles to online carts, consumer confidence translated into holiday cheer for retail,” Steve Sadove, senior adviser for Mastercard, said in a statement. “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.”