Report: Retail holiday season sales was robust
Overall sales growth for the retail holiday season was 6.2 percent, a healthy spike compared to 2016's 4.7 percent growth. Retail spending grew 5.4 percent compared to 3.6 percent last year, according to First Data's SpendTrend Report. This past holiday season was the strongest holiday season in four years, noted the report.
Online and ecommerce represented 29 percent of total transactions, a jump of 3 percent from 26 percent last year, according to a release on the report. First Data analyzed consumer spending at more than 1.3 million merchant locations in the U.S.
"A variety of factors created a 'perfect storm' for consumer spending this season, from low unemployment and high consumer confidence, to the soaring stock market and even good weather conditions for most of the U.S.," said Glenn Fodor, senior vice president, head of information and analytics solutions at First Data. "Consumers were out in full force during the entire season, leading to impressive growth rates. Additionally, while ecommerce continues to grow rapidly, brick-and-mortar still remains a vital part of the holiday season."
Topics: Financial News