Holiday season may yield record sales

By: Associated Press
By: Associated Press

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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