Despite reports of a so-so holiday season, MasterCard said retail sales were up 7.9 percent year-over-year.
According to the company’s SpendingPulse report on consumer expenditures, online shopping and furniture purchases pushed the numbers up from earlier industry projections, including the National Retail Federation’s (NRF’s) 3.7 percent sales forecast for November-December.
Sarah Quinlan, market insights senior VP for MasterCard Advisors, the company’s consultancy wing, said savings from lower gasoline prices helped fuel holiday sales, and that a double-digit increase in big-ticket furniture purchases suggested strengthening consumer confidence.
The holiday results should look even brighter after this week’s end-of-the-season sales are factored in.
Tip of the hat to NBC News