Discounts spur US retail sales to 7.6% growth in holiday season


Retailers, including Amazon and Walmart in the US, offered large discounts during the holiday season to get rid of excess stock and bring back inventories to normal levels.

NEW YORK: US retail sales rose 7.6% between Nov 1 and Dec 24, which encompasses the majority of the holiday season, as steep discounts lured deal-hungry consumers, a Mastercard report shows.

The increase is higher than the 7.1% growth Mastercard forecast in September, when it anticipated consumers would pull purchases into October in the hunt for early deals.

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US , retail , sales , discounts , inventories

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