MasterCard Consumer Spending Report May Indicate Flat Electronics Sales during Cyber Monday

December 2, 2024 by

Reuters reported that according to a MasterCard executive, sale of electronics goods during the Black Friday and Cyber Monday sales were flat. In contrast, retailers who sell apparel and other fashion items experienced revenue growth.

This year’s post-Thanksgiving holiday started on last Thursday and went on till Monday. On Monday, senior vice president at MasterCard, Sarah Quinlan, told Reuters in an interview that specialty apparel retailers saw an influx of customers as the demand for winter clothing picked up amid colder weather in parts of the United States.

On the other hand, department stores that sell electronics goods among other fast moving consumer goods found their sales to be “about flat,” she commented. “All year long, department stores have remained very very challenged. That will still continue to be the case,” she added.

On December 2, MasterCard is scheduled to release its consumer spending report on the Black Friday weekend. MasterCard usually tracks spending patterns and analyzes sales activity on its payment network and release the report by combining an estimated cash transaction.

The MasterCard executive’s comments would provide retail market analysts with ample indications regarding which companies did well and which ones fell behind. Her comments would definitely

For example, based on her “preview,” it seems clear that apparel stores like Gap saw their sales soar last weekend while companies like Sears, a departmental store, would have seen more of a flat revenue curve by the end of Monday.

Sarah Quinlan blamed lack of eye catching electronic gadgets in the market during the holiday sales for the flat sales. For example, there was no hot new Apple product released in the last week! She told Reuters that electronics stores would continue to struggle with sales till the end of December for the same reason.

However, the online sales growth was the only silver lining for the US economy, which came out in double digit, where MasterCard previously estimated only an eight percent growth during the Cyber Monday sales.

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