Stock prices of U.S. department stores rose on Tuesday as Mastercard released their SpendingPulse report that showed a booming holiday season for in-store and online retailers.
In their report, Mastercard claimed that shoppers spent a record of more than $800 billion between Nov. 1 and Dec. 24 — an increase of nearly 5%, Reuters reported. Online sales rose 18.1% during the holiday season, thanks to a late rally in sales, Mastercard said.
The surge in holiday sales — which excludes automotive sales — was bolstered by a strong economy, increasing consumer confidence, and rising employment, Reuters noted.
Mastercard’s report noted that the increase in sales that occurred in department stores was “particularly impressive” given how Amazon continues to dominate the retail market. – READ MORE
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