US consumers preferred restaurants and grocery stores to jewelry and electronics as they spent money during the holiday season. according to preliminary insights from Mastercard SpendingPulse, U.S. retail sales.
Spending on electronics was down 0.4% this year and jewelry slipped by 2%. Meanwhile, restaurant spending increased by 7.8% and grocery was up by 2.1%.
These spend categories coincide with JLL research, according to James Cook, Americas Director of Research, Retail. "We've been watching shoppers pull back on certain categories in favor of others since the beginning of the year," Cook tells GlobeSt.com. "Our JLL 2023 Holiday Shopping Survey Report predicted that seasonal spending would grow most in the food and experiences categories."
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