Retail Sales Grew at Rapid Pace Despite Supply Chain and Omicron
This holiday season, sales rose at the fastest pace in 17 years, according to the Business Mirror. Despite inflation, shortages and the new Covid-19 strain, US holiday sales grew 8.5%, the news outlet reported.
According to Mastercard SpendingPulse, clothing sales rose 47%, jewelry 32% and electronics 16%. "I feel really good about how the season played out,'' Steve Sadove, senior adviser to Mastercard and former CEO of Saks Inc said in a video. "When people feel a little bit uncomfortable, you'll see a little bit of a pickup in online and a little bit of a slowdown in-store performance.''
In early December, The National Retail Federation said holiday sales were on track to beat its already record-breaking forecasts by about 10.5%. This prediction was released right before Omicron became a major disruption. However, retail sales have continued to rise.