U.S. holiday shopping season got a boost from record online sales, and President Donald Trump took the chance to congratulate the nation on Christmas Day.
“2019 HOLIDAY RETAIL SALES WERE UP 3.4% FROM LAST YEAR, THE BIGGEST NUMBER IN U.S. HISTORY. CONGRATULATIONS AMERICA!” the president tweeted on Wednesday, Dec. 25.
2019 HOLIDAY RETAIL SALES WERE UP 3.4% FROM LAST YEAR, THE BIGGEST NUMBER IN U.S. HISTORY. CONGRATULATIONS AMERICA!
— Donald J. Trump (@realDonaldTrump) December 25, 2019
Earlier in the day, Reuters citing a MasterCard data tracking retail sales from Nov. 1 through Christmas Eve reported e-commerce sales rose 18.8% from the 2018 period and made up 14.6% of total retail.
Overall holiday retail sales, excluding autos, rose 3.4% year over year.
MasterCard adviser Steve Sadove said, “E-commerce sales hit a record high this year with more people doing their holiday shopping online.” He explained that due to a later than usual Thanksgiving holiday, U.S. retailers offered omnichannel sales earlier in the season, meeting shoppers’ demand for the best deals across all channels and devices.
This year’s Thanksgiving fell on Nov. 28, nearly a week later than last year’s Nov. 22. Thanksgiving traditionally starts the U.S. holiday shopping season.
According to Reuters, the holiday shopping season is a crucial period for retailers and can account for up to 40% of annual sales.
The numbers indicate that U.S. consumer spending is benefiting from wage growth and a strong labor market.