Visa: Holiday Spending Up 4.2% Driven by AI, Tech, Apparel
- retail spending increased by 4.2% year-over-year during the holiday season (seven-week period starting Nov.
- * The data comes from preliminary findings released by Visa Consulting and Analytics, based on a subset of Visa payments network data in the U.S.
- Economist at Visa): Consumer spending is holding up "reasonably well" despite lower consumer confidence and economic concerns.He highlights the notable role of AI in holiday shopping this...
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Key Findings:
* Retail Spending Up: U.S. retail spending increased by 4.2% year-over-year during the holiday season (seven-week period starting Nov. 1).
* Consumer Resilience: Despite economic headwinds and concerns about inflation,consumers continued to spend.
* Leading Categories: Technology and personal goods saw particularly strong spending.
* In-Store Dominance: In-store shopping accounted for 73% of total retail payment volume.
* E-commerce Growth: Online sales rose 7.8% year-over-year, driven by convenience and promotions.
* AI Influence: Roughly half of consumers used Artificial Intelligence (AI) for comparison shopping and finding gifts.
Source:
* The data comes from preliminary findings released by Visa Consulting and Analytics, based on a subset of Visa payments network data in the U.S. (figures are not adjusted for inflation).
Expert Commentary:
* Michael Brown (Principal U.S. Economist at Visa): Consumer spending is holding up “reasonably well” despite lower consumer confidence and economic concerns.He highlights the notable role of AI in holiday shopping this year.