Retail is having its best holiday shopping season in six years, according to early data tracking consumers’ purchases.
Sales in the U.S. from Nov. 1 through Christmas Eve were up 5.1 percent to more than $850 billion, according to Mastercard SpendingPulse, which monitors spending both in stores and online via all forms of payment. Mastercard also said online sales during that time frame were up 19.1 percent from a year ago.
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“Department stores in aggregate have been losing market share and not performing like other sectors,” Sadove said. But there are some companies, like Macy’s, within the group that are still growing, he said.
Many retailers will start to report holiday sales figures in the coming weeks, and analysts will be looking to see which companies benefited the most from the latest surge in spending.