Tuesday, December 28, 2010
NEW YORK (AP) -- Holiday shoppers have been in the mood to spend big.
MasterCard Advisors' SpendingPulse, which monitors all transactions including cash, says total consumer spending excluding autos, rose 5.5 percent to $584.3 billion from Nov. 5 through Dec. 24. That compared with the same 50-day period a year ago.
It's the biggest increase since 2007, when revenue rose 4.9 percent. Total sales surpassed 2007 holiday spending, which reached $566.34 billion.
The data show clothing sales rose 11.2 percent. Also, jewelry and luxury goods showed strong single-digit gains compared with a year ago.
Analysts say shoppers looked for big bargains and when possible handed over cash.
(Copyright 2010 by The Associated Press. All Rights Reserved.)
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