Mastercard: US holiday retail sales rise 8.5% as online shopping booms – Reuters

Amid a slew of negative news concerning the COVID-19 variant linked to South Africa, Reuters shared a positive update from the global payment network Mastercard.

“US retail sales rose 8.5% during this year’s holiday shopping season from Nov. 1 to Dec. 24, powered by soaring e-commerce sales,” said the news.

Mastercard’s SpendingPulse also mentioned, “US e-commerce sales jumped 11% in this year’s holiday shopping season, yet again underscoring the COVID-19 pandemic’s role in transforming customers’ shopping habits.”

On the same line, Senior Advisor for Mastercard Steve Sadove said, “Shoppers were eager to secure their gifts ahead of the retail rush, with conversations surrounding supply chain and labor supply issues sending consumers online and to stores in droves.”

“Holiday e-commerce sales made up 20.9% of total retail sales this year, the data showed, noting that the sector continues to see growth as consumers enjoy the ease of browsing and buying in the comfort of their homes,” adds the news.

FX implications

The news seems to have played a role in restricting the market’s negative reaction to the Omicron fears, helping the AUD/USD to defend 0.7200 during the early Asian session on Monday.

Read: AUD/USD extends pullback from monthly high towards 0.7200 amid Omicron woes