Americans ramped up spending during the holidays despite some financial anxiety and higher costs

Associated Press

NEW YORK (AP) — Mastercard SpendingPulse said Tuesday that holiday sales rose this year. The indicator, which tracks all kinds of payments including cash and debit cards, found sales from the beginning of November through Christmas Eve climbed 3.1%, a slower pace than the 7.6% increase from a year earlier. The sales growth this year was a bit lower than the 3.7% increase Mastercard SpendingPulse had expected back in September. The data released Tuesday excludes the automotive industry and is not adjusted for inflation. However, it indicates consumer spending remained resilient during the critical shopping season even as shoppers deal with still stubborn inflation in some areas as well as other financial worries.