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U.S. online retail sales surged on Cyber Monday, recording a remarkable 14.6% year-over-year increase, according to data from Mastercard SpendingPulse. This growth highlights robust consumer activity during the 2024 holiday shopping season.
Online sales were the primary driver of the increase, outpacing the modest 0.7% rise in in-store purchases. Retail categories benefiting most included electronics, home goods, and apparel, buoyed by widespread discounts and targeted promotions. The uptick reflects consumer confidence in leveraging deals as budgets are stretched amid economic uncertainty.
