Cautious shoppers step up spending to start holiday season
December 23, 2025
Consumers stepped up gift giving during the first seven weeks of the holiday shopping season, yet uncertainty about the economy is making them more targeted in their buying. From Nov. 1 through Sunday, cash and credit card sales rose 4.2%, which is less than the 4.8% increase during the same period a year ago, according to Visa’s Consulting & Analytics division. When adjusted for inflation, retail sales rose a more modest 2.2% for the first seven weeks of the holiday period, according to Visa’s U.S. principal economist Michael Brown. That compares with the inflation-adjusted 3% last year.