One year into the Trump Presidency and Christmas spending reaches record highs.
Christmas spending was high this year. In fact, according to Mastercard’s calculations it was higher than ever before. Whether this was empowered mainly by psychological factors like consumer confidence or objective economic factors like increased employment, people are buying more this year.
Donald Trump should get some credit for this. His deregulation actions and his landmark tax reduction victory have boosted the economy and the morale of Americans.
Reuters reports, “U.S. department store stocks jump on holiday spending record.”
Shares of U.S. department stores jumped on Tuesday as Mastercard Inc said shoppers spent over $800 billion during the season, more than ever before, boosted by growing consumer confidence, rising employment and early discounts.
Sarah Quinlan, head of market insights for Mastercard Advisors, disclosed the figure after the payments processor’s analytics arm published its SpendingPulse retail report.
The report said holiday sales in stores and online between Nov 1 and Dec 24 rose 4.9 percent, the fastest year-on-year pace of increase since 2011. Mastercard, which tracks spending by combining sales activity in its payments network with estimates of cash and other payment forms, excluded automobile sales from its figures.
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