How Did 2023's Holiday Spending Compare to Last Year's?

U.S. retail sales rose 3.1% year-over-year between Nov. 1 and Dec. 24, according to data from Mastercard.

The Details: Experts reportedly expected annual growth of 3.7%. The data is not adjusted for inflation. Spending at restaurants (up 7.8%) and on apparel (up 2.4%) rose steadily, while spending on jewelry (down 2%) and electronics (down 0.4%) fell.

For Context: In the same period last year, spending rose 7.6% from the year before.

How the Media Covered It: Media across the spectrum covered the question very differently. Many left-rated sources highlighted how spending was up, and framed it as a positive sign for Biden’s economy. Many right-rated outlets and some in the center like Newsweek focused on how the year-over-year spending growth was 3.1%, compared to an annual jump of 7.6% from 2021 to 2022, and framed that as evidence of inflation's toll on consumers. Few on the left emphasized that comparison to the same extent. ABC News (Lean Left bias) said, "Robust spending during the holidays appears to have dispelled concern among some economists of a decline." New York Post (Lean Right bias) said, "Inflation-battered shoppers cut back on their holiday spending this year — opening their wallets mainly for 'big deals,' according to industry experts and newly released figures." Newsweek said, "Despite Americans' strategic spending this holiday season, a large number drew in spending as inflationary pressures made many gifts and celebrations out of reach."