00:00Americans spent more during the holiday season despite high inflation and interest rates,
00:07with retail sales increasing by 3.1% compared to the previous year.
00:12Chief Economist Michelle Meyer highlighted a favorable economic backdrop with strong job creation and easing inflation.
00:21Breaking down the spending patterns from November 1st to December 24th, in-store sales rose by 2.2%, outpacing online growth, which increased by 6.3%.
00:35According to MasterCard Spending Pulse data, apparel sales increased by 2.4%.
00:42However, electronics and jewelry experience declines of 0.4% and 2% respectively.
00:48Grocery sales were up by 2.1% and restaurants saw a significant boost of 7.8% in holiday sales.
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