Total spending for the holiday period, from Nov. 1 through Dec. 24, rose 3.8 percent, according to data released on Thursday by Mastercard SpendingPulse, which measures in-store and online retail sales across all forms of payment. That’s above Mastercard SpendingPulse’s estimate of 3.2 percent for this year and more than last year, when growth was 3.1 percent.
Online sales stood out, rising 6.7 percent compared with a gain of about 2.9 percent for in-store sales. The data is not adjusted for inflation.

Note the very key detail at the end. Data is not adjusted for inflation. Based on Mastercard data, spending for the holiday period was up marginally for second consecutive year. Let’s see how the numbers from Census, American Express (higher overall net worth customer) and others come in. I would guess that shopping for physical items was lite whilst travel, experiences and motor vehicles remained high. One bright spot is Department Stores have seen a bit of relief recently.