Feedback
Business

Holiday Retail Sales Post 7.9% Gain; Online Purchases Jump 20%: Report

Strong online sales and demand for furniture and women's apparel helped U.S. retail sales grow by a "solid" 7.9 percent this holiday season, according to MasterCard.

U.S. retail sales, excluding automobiles and gas, had grown 5.5 percent in the period between Black Friday and Christmas Eve last year.

Rise of online shopping adds to retailers' gift return headaches 1:37

Online sales grew 20 percent in the holiday season this year, according MasterCard Advisors, which tracks customer spending, said in a SpendingPulse report on Monday.

"The double-digit growth in furniture sales ... shows that consumers are willing and able to splurge on big ticket items," Sarah Quinlan, senior vice president of Market Insights at MasterCard Advisors, said in the report.

Cable and Satellite TV Costs Will Climb Again in 2016

A delay in the onset of cold weather pushed back apparel buying this fall, so there was pent up demand that played out after Black Friday, she said.

Quinlan said consumers were spending the money they were saving from lower gas prices.

The National Retail Federation, a leading industry group, has forecast a 3.7 percent rise in store and online sales in November and December this year, with online sales expected to rise 6 percent to 8 percent.