The U.S. holiday e-commerce sales hit a new record high that edged up 18.8 percent from the 2018 period, according to Mastercard data reported by Reuters.
Summing up the holiday retail sales surged 3.4 percent. The President Trump took to twitter to trumpet the data.
This year, E-commerce sales represented 14.6% of total retail between the November 1 and Christmas Eve. And the sales estimates from the National Retail Federation ranged from 3.8 percent to 4.2 percent.
Holiday shopping season is very crucial for retailers, and also accounting for up to 40 percent of the sales for the year. The retailers looking at the sales numbers to earn maximum sales numbers.
Calendar didn’t help the industry as Thanksgiving fell on Nov. 28, which was a week later than last year.That meant retailers had six fewer days to drive sales leading to Christmas.
According to analysts, the surge in shopping was boosted by wage growth and a string job market.
“Due to a later than usual Thanksgiving holiday, we saw retailers offering omnichannel sales earlier in the season, meeting consumers’ demand for the best deals across all channels and devices,” said Steve Sadove, senior adviser for MasterCard.