NEW YORK: Early data from Mastercard SpendingPulse shows that US holiday retail sales rose at a much slower pace than in 2022, as selective shoppers sought value and promotions throughout the season.

       Retail sale, excluding autos, increased 3.1% from Nov 1 through Dec 24 versus a year earlier, according to the study, which uses transactions from Mastercard’s payment networks and survey-based estimates for other forms of payments.

       In 2022, a similar study from Mastercard SpendingPulse showed holiday sales growth of 7.6%.

       Consumers were “spending in a deliberate manner”, said Michelle Meyer, chief economist of Mastercard Economics Institute, in a statement.

       Holiday retail sales are a key barometer for the US economy, which has shown resilience in recent months.

       Retail sales unexpectedly picked up in November as lower petrol prices gave shoppers some relief.

       Notwithstanding this, companies have reported uneven results and many have said that consumers are spending more cautiously.

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       In the most recent data, online sales rose 6.3%, while in-store sales growth was 2.2%.

       Restaurants and apparel posted the biggest gains from a year earlier, while spending on jewellery and electronics declined. — Bloomberg