US consumers loosen wallets for holiday spending season

Following a year filled with economic fear, U.S. consumers finally were willing to loosen their wallets and spend this holiday season.

According to Mastercard SpendingPulse, Americans spent 3.1% more between Nov. 1 and Dec. 24 of this year.

Meanwhile, online sales increased 6.3% year-over-year during the same period.

With inflation still easing down as 2023 comes to a close, it remains to be seen if U.S. consumers’ holiday spending bug will trickle into 2024.