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Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year

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Indeed chief economist says we’re entering an era of ‘great mismatch’ thanks to a generational imbalance of workers

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Apple’s Steve Wozniak says he cofounded the tech giant after 5 rejections from HP—not to ‘make money.’ For years, his paycheck was just $50

U.S. Retailers Had a Very Merry Christmas, According to Early Sales Data

By
Erik Sherman
Erik Sherman
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By
Erik Sherman
Erik Sherman
Down Arrow Button Icon
December 26, 2018, 9:34 AM ET

The big gift box under the retail industry’s Christmas tree was full—of cash, according to early data.

U.S. retail sales were up this year 5.1% to more than $850 billion, according to Mastercard SpendingPulse, a report from the payment card vendor that looks at consumer purchases from December 1 through 24. It was the strongest performance in six years.

The National Retail Federation had projected that consumers on average had planned to spend $1,007 for decorations, candy, gifts, and other purchases for themselves.

It was also a great year for online retail, with sales jumping 19.1% over 2017, according to the Mastercard study. An example was Amazon (AMZN), which said it saw record global holiday sales. The company claimed that it shipped a billion products for free in the U.S. alone through its Amazon Prime subscription program. It also said that the number of voice-placed orders over its virtual personal assistant Alexa was triple that of last year.

Apparel sales were up 7.9% year over year, showing the best growth since 2010, according to Mastercard (MA). Home improvement sales saw a 9% gain. Home furniture and furnishings saw a 2.3% gain.

But some categories and companies did get a lump of coal in their stockings. Department stores saw a collective 1.3% sales decline, which may be due to store closings. Their online operations did deliver with a 10.2% gain.

And overall sales of electronics and appliances were down 0.7%. According to rumors, the drop had nothing to do with Santa trying to get refrigerators and washing machines down chimneys.

About the Author
By Erik Sherman
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