January Tech Sales Lagged Overall Retail Momentum, Says Mastercard
Electronics and appliance sales inched up 0.7% in January vs. a total retail sales average increase of 9.2%, excluding autos and gas, Mastercard reported Thursday. Online sales grew 62% vs. a year ago. The report cited momentum from a stronger-than-expected…
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holiday season carrying through the month with consumer spending “buoyed by an infusion of stimulus payments,” mostly in the first two weeks. Furniture and furnishings grew 17%. Consumers are starting to refresh their wardrobes again, with specialty apparel online sales jumping 53% in the month, though the overall sector was down 4%, said the company. The department stores segment saw its first year-on-year sales increase since 2019, boosted by strong online sales, Mastercard said.